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Italian prosecutor seeks jail time for former executives of Vatican bank

January 23, 2017

An Italian prosecutor is seeking prison sentences for Paolo Cipriani, the former executive director of the Vatican bank, and for his deputy, Massimo Tulli.

Cipriani and Tulli resigned their positions at the Institute for Religious Works (IOR) in July 2013, in response to complaints that they had filed to provide accurate documentation about large money transfers. Their departure came as the Vatican moved to tighten controls on financial affairs, particularly at the IOR, as Italian banking authorities charged that the institution was being exploited by money-launderers.

 
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