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Former Vatican bank officials sentenced for financial misconduct

February 23, 2017

Two former top officials of the Vatican bank have been sentenced to jail terms for violations of Italian financial regulations.

Paolo Cipriani, the former executive director of the Institute for Religious Works (IOR), and for his deputy, Massimo Tulli, were sentenced to four-month prison terms after being convicted of failure to provide documentation of large financial transfers. The convictions, under Italian laws against money-laundering, came after the two men were acquitted of more serious violations.

Both men insist on their innocence, and their lawyers say that they plan to appeal their convictions.

Cipriani and Tulli resigned their positions at the Institute for Religious Works (IOR) in July 2013, as the Vatican began implementing strict new regulations on financial transactions.

In a related story, Italian officials are investigating two Italian bankers for allegedly manipulating the stock market. The charges include allegations that the men used accounts at the IOR, and ties to APSA, the agency that supervises the Vatican’s real-estate investments, in their schemes.

 
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