Update on the case of Mons. Nunzio Scarano.

(Vatican Radio) The Director of the Press Office of the Holy See has given an update this morning about the ongoing investigations by the competent Vatican authorities on the case of Mons. Nunzio Scarano.

By court order on the 9th of July, the Vatican Promoter of Justice has frozen funds at the
IOR attributed to suspended Vatican employee Nunzio Scarano as part of an ongoing
investigation by the Vatican judicial authorities. The investigation was triggered by several
suspicious transaction reports filed with AIF and could be extended to additional individuals.
IOR commissioned an objective review by Promontory Financial Group of the facts and
circumstances of the accounts in question and is fully cooperating with the Vatican Financial
Intelligence Unit AIF and judicial authorities to bring full transparency in this matter.
The IOR is currently undergoing an outside review by Promontory Financial Group of all
client relationships and the anti-money-laundering procedures it has in place. In parallel, the
Institute is implementing appropriate improvements to its structures and procedures. This process
was initiated in May 2013 and is expected to be largely concluded by the end of 2013. Over the
past weeks, the IOR nominated a Chief Risk Officer at Directorate level with a specific brief to
focus on compliance, and introduced measures to substantially strengthen the reporting system.
As President Ernst von Freyberg recently pointed out, the IOR is systematically identifying
and will have zero tolerance for any activity, whether conducted by laity or clergy, that is illegal
or outside the Statutes of the Institute.