Vatican Bank operations transparent and legitimate, says top official

(Sept.22,2010) Vatican Secretary of State issued a statement on Tuesday after the President of the Vatican bank, Ettore Tedeschi was placed under investigation by Italian Magistrates in a money-laundering probe. Cardinal Tarciscio Bertone’s statement said the Vatican Bank was committed to full transparency in its operations, which were legitimate and documented. Expressing “bewilderment and amazement” at the legal move taken, Cardinal Tarciscio Bertone said the Vatican Bank had actively been working for some time with Italian and international authorities, to comply with procedures that ensure funds are not used for terrorism or money laundering. The statement further said the necessary information on the particular operations being probed, were readily available to investigators. The Holy See therefore, wants to express the maximum trust in the president and Director-General of IOR, the Institute of Religious Works,” Vatican Secretary of State, said in the statement.
Italian Television – RAI, citing judicial sources said the president of the Vatican bank was placed under investigation after the Italian Treasury police on Monday, seized 23 million Euros that had been deposited in a Rome bank account by the Vatican bank.
According to the RAI report, no proof of money-laundering had emerged in the probe, but investigators said the Vatican bank had failed to disclose information about banking operations as mandated by Italy's 2007 law against money-laundering. It said a second unnamed official of the bank was also under investigation.