Vatican bank under investigation over money laundering

Telegraph – Italian authorities froze nearly £20 million belonging to the Vatican’s bank in an unprecedented investigation into alleged money laundering by the Holy See. It was the first time that such action had been taken against the bank, which is formally known as the IOR or Institute for Religious Works. Prosecutors placed the bank’s director general and its chairman – an exponent of the need for morality in financing – under investigation for two allegedly suspicious transactions which may have breached Italy’s anti-money laundering laws. Read Article