Vatican Bank

12 Stories

Vatican Uncovers Hundreds of Millions 'Tucked Away'

Finance chief says balance sheet 'healthier than thought'

(Newser) - In what skeptics might say sounds suspiciously like a financial miracle, the Vatican has uncovered huge sums of money "tucked away" in accounts that didn't appear on the main balance sheets. "We have discovered that the situation is much healthier than it seemed, because some hundreds of... More »

Guys Busted Trying to Swindle Vatican Bank

Pair not exactly 'criminal masterminds,' says Vatican

(Newser) - Two men walked into the Vatican bank, and apparently a whole heap of trouble: The Vatican says police have detained an American and a Dutchman who showed up wearing business suits and carrying what the AP says is a whopping $4 trillion—in fake bonds. They reportedly told Swiss Guards... More »

Francis Marks 1 Year of Change ... Just Not Profound

Critics weigh in on pope's first year at the Vatican

(Newser) - It's been a year since the Catholic Church chose Jorge Bergoglio as its new pope , and while Pope Francis marks the anniversary with a low-key, week-long spiritual retreat with cardinals and bishops—he characteristically traveled there by bus—here's a look at how he's been doing over... More »

Amid Overhaul, Vatican Bank Finds 100 Fishy Transactions

1K customers asked to leave

(Newser) - Last year, the Vatican bank detected six suspicious transactions; this year, that figure has soared to more than 100 amid a reform effort, an official tells the Los Angeles Times . That work, headed by Swiss financial expert Rene Bruelhart, also involves asking 1,000 account holders at the bank to... More »

OK, Pope Francis, Time to be CEO Now

Francis can't just ignore the rot at the Vatican Bank, David Alvarez argues

(Newser) - Pope Francis is a media darling, which is great for the Catholic Church, because otherwise reporters might look at things like the Vatican Bank instead. The bank's director and deputy director resigned July 1 amidst a criminal probe, after a priest was arrested for allegedly illegally moving $27 million... More »

It Just Got Tougher to Launder Money in Vatican

Will exchange financial info with US under new deal

(Newser) - The Vatican is continuing efforts to scrub its financial reputation: It yesterday inked a deal with the US in which each will share information about financial transactions, the Wall Street Journal reports. The move is intended to help surface any money laundering. The Vatican Bank came under heavy scrutiny during... More »

Pope May Radically Shake Up Vatican Bank

Francis may even close scandal-plagued institution

(Newser) - Pope Francis intends to take a critical look at the scandal-plagued Vatican Bank , with an eye toward restructuring it or even closing it entirely, Vatican sources tell Reuters . While the changes will likely be a while in coming—the pope's first order of business will be shaking up the... More »

Vatican Mole Is... Pope's Butler?

Paolo Gabriele is arrested after allegedly leaking Benedict's letters

(Newser) - An in-house scandal at the Vatican expanded dramatically yesterday with the arrest of the pope's butler, Paolo Gabriele, who was found with confidential documents on him and has been accused of leaking the private letters of Benedict XVI to the press, reports the New York Times . The Vatican confirmed... More »

Vatican Bank Chief Bounced

'I have paid for my transparency,' Ettore Gotti Tedeschi says

(Newser) - The chief of the secretive Vatican bank has been given the boot for allegedly letting standards slip at the institution. Ettore Gotti Tedeschi was forced to resign after the bank's board of directors unanimously passed a no-confidence vote against him for failing "to carry out duties of primary... More »

Vatican Leaks Expose a Mutiny Within

Leaks shed light on Holy See power struggle

(Newser) - The Vatican's already-battered image is taking a beating lately from a series of leaks that have exposed an ugly power struggle inside the Holy See, Reuters reports. "It is a total mess," says one source, who believes the leaks are part of a "mutiny of the... More »

Prosecutors: Vatican Bank Covered for Mafia

Bank hid source of client funds, say officials

(Newser) - The Vatican Bank knowingly hid money for the mafia, breaking money laundering laws in the process, prosecutors allege in documents filed in Italian court. Investigators also suspect that several members of the clergy have acted as fronts for mobbed-up businessmen. The allegations spring from a money-laundering probe into the Church’... More »

Vatican Bank Probed for Money Laundering

$34M in mystery funds frozen by Italian authorities

(Newser) - Italian authorities have frozen $34 million at the heart of a money-laundering probe of the Vatican Bank. Two officials, including the chairman of the institution, are under investigation for failing to disclose the identity of clients linked to the funds, which is required by Italian law. The bank, whose main... More »

12 Stories

AROUND THE WEB