Just when the Catholic Church didn't need another scandal, Italian magistrates have frozen $30 million from the Vatican bank and are investigating top bank officials for alleged violations of European money laundering rules.
The Vatican said Tuesday it was "perplexed and surprised" and expressed full trust in bank Chairman Ettore Gotti Tedeschi and director-general Paolo Cipriani.
Italian financial police seized the money as a precaution from a Vatican bank account being held at the Rome branch of Credito Artigiano SpA following two recent suspicious transfers. News reports said the bulk of the money was destined for JP Morgan in Frankfurt, with the remainder going to Banca del Fucino.
According to the reports, the Vatican bank had neglected to communicate to financial authorities where the money had come from. The reports stressed that Gotti Tedeschi wasn't being investigated for laundering money himself, but for a series of omissions in financial transactions.
Prosecutors declined requests seeking confirmation of the reports.
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