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Italian prosecutors quiz Vatican bank chief

Catholic World News - September 30, 2010

Italian banking investigators questioned Ettore Gotti Tedeschi, the head of the Vatican bank, at length on September 30.

Tedeschi and his top subordinate, Paolo Cipriani, spent 4 hour in a prosecutor’s office on Thursday. As they emerged, Tedeschi repeated his argument that a money-laundering investigation into the Vatican bank was based on a “misunderstanding” that could be quickly clarified.

The Vatican has expressed strong support for Tedeschi, and said that since he took control of the Institute for Religious Works (IOR) last year, the Vatican bank has moved quickly to comply with European regulations regarding transparency and proper documentation of financial dealings. Analysts in Italy have speculated that the investigation of $30 million in transfers by the IOR may be interpreted a sign that regulators want faster action to clean up the IOR records.

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