Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

7/3/2013 (2 years ago)

Catholic Online (

Director and deputy resign as Pope Francis investigates.

The director and deputy director of the Vatican bank have resigned amid an investigation into the bank's operations. The resignations come three days after the arrest of a senior cleric for alleged corruption.

Pope Francis is making sweeping, positive reforms in the Vatican.

Pope Francis is making sweeping, positive reforms in the Vatican.


By Catholic Online (NEWS CONSORTIUM)

Catholic Online (

7/3/2013 (2 years ago)

Published in Europe

Keywords: Vatican bank, Pope Francis, investegation, resignation, director, deputy

ROME, ITALY (Catholic Online) - Yesterday, the Vatican announced the resignation of Paolo Cipriani and Massimo Tulli, the director and deputy director respectively. The two resigned as a major probe into the bank's finances and practices continues.

A Vatican statement acknowledged the resignations as "in the best interest of the institute and the Holy See."

The current probe is being overseen by Pope Francis himself as the bank has come under investigation for allegations of money laundering.

Although the bank has become more transparent in recent years and has worked to employ safeguards against corruption, it has been decided that new leadership would best complete the reform.

In the 1980s, the Vatican bank was connected to the collapse of the Banco Ambrosiano in which it was a major shareholder. That bank was later found to be laundering money for the Sicilian mafia. The bank's chairman was also murdered by the mafia in 1982.

In 2011, recognizing the need for greater reform, Pope Benedict XVI created a new authority to improve the bank's international standing and credibility so it would be placed on a "white list" of countries that fight money laundering.

Pope Francis has ramped up the pace of reform by appointing a panel of five who are to report directly to him anything they discover. Pope Francis is a very holy man, and as such, he is adopting a "take no prisoners" approach to reforming corruption at the highest levels in the Church.

The Vatican bank currently handles the assets of various Catholic charities and religious orders as well as Vatican departments. The bank does not make loans.


Pope Francis: end world hunger through 'Prayer and Action'

Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for September 2015
That opportunities for education and employment may increase for all young people.
Evangelization: That catechists may give witness by living in a way consistent with the faith they proclaim.


More Europe

Is ancient Greek tomb for Alexander the Great's friend Hephaestion? Debate continues Watch

Image of After his death in 325 B.C., Alexander the Great reportedly ordered that shrines be constructed throughout the empire. Hephaestion died less than a year before the Macedonian leader.

By Catholic Online (NEWS CONSORTIUM)

Archaeologist Katerina Peristeri declared that the mysterious Amphipolis monument is a tomb to Hephaestion, Alexander the Great's best friend who died less than a year before Alexander did.Fragmentary inscriptions link the monument to Hephaestion. Other archaeologists ... continue reading

10,000 copies of Germany's constitution was printed in Arabic to help nearly 800,000 migrants integrate Watch

Image of


Germany translated the first 20 articles of its constitution, which concerns basic rights such as freedom of speech, into Arabic for refugees to learn in an attempt to help immigrants integrate. LOS ANGELES, CA (Catholic Online) - At the moment, Germany struggles to ... continue reading

Segregation of Jewish and Muslim pupils in a French school echoes chilling Nazi segregation Watch

Image of


Jewish and Muslim students at the Piedallous primary school in Auxere, Burgundy were ordered to wear disks around their necks. The incident brought with it memories of Nazi segregation and caused an uproar. LOS ANGELES, CALIFORNIA (Catholic Online) - Daily Mail ... continue reading

German refugee camps plagued with rape and child abuse Watch

Image of The European migrant crisis continues to grow. Rape and sexual abuse are already being reported inside German refugee camps.


Rape and sexual abuse is now becoming a major problem in several German refugee asylums as the country tries to cope with their migrant crisis. HOLLYWOOD, CA (Catholic Online) - Refugees are facing several problems inside overcrowded refugee centers across the country ... continue reading

OVERRUN AND OUT OF PATIENCE: Immigrants quickly wear out welcome in Germany Watch

Image of In Germany, there are a few terrorist agents mixed in with those who say they are fleeing the brutal persecution of Islamic State, when in fact they themselves are ISIS.

By Catholic Online (NEWS CONSORTIUM)

Germany was lauded by the international community for taking in the large influx of immigrants feeling violence in Syria and Iraq. However . this generosity has a heavy price. Many of these so-called immigrants have left their native lands to make their ... continue reading

Expert confident forensic remains of fabled 'Mona Lisa' found Watch

Image of Most everyone is familiar with the image of a young woman with an enigmatic smile, her hands folded on her lap.

By Catholic Online (NEWS CONSORTIUM)

Leonardo Da Vinci's "Mona Lisa," perhaps the world's most famous painting, has cast a spell across the imagination. Lisa Gherardini, the wife of Florentine silk merchant Francesco del Giocondo, is thought to have been the portrait's model. Bone fragments have ... continue reading

British mother of six brutally assaulted in acid attack Watch

Image of Thirty-seven-year-old Carla Whitlock says that she is still trying to come to terms with how her life has been changed.

By Catholic Online (NEWS CONSORTIUM)

In what is common in India - but most unusual in the United Kingdom, a 37-year-old mother of six is struggling to come to terms after suffering a vicious acid attack. Witnesses saw her face visibly melt, and doctors say she will probably lose the sight in one ... continue reading

EU holds summit to discuss migrant crisis Watch

Image of The migrant crisis has resulted in over 160,000 eligible refugees with no country to settle in.

By Kenya Sinclair (NEWS CONSORTIUM)

European Union leaders met in a summit Wednesday evening in Brussels to talk about reinforcing surveillance of the frontiers, particularly sea routes into Greece where hundreds of refugees die in the midst of attempts to reach Greek islands. LOS ANGELES, CALIFORNIA ... continue reading

Majority of migrants entering Europe NOT Syrian refugees Watch

Image of

By Abigail James (NEWS CONSORTIUM)

The migrant crisis hitting Europe has driven headlines over the past month, tugging at the heartstrings of people wanting to help desperate refugees running from a war-torn country. However, new reports from Europe show that "only one in five migrants claiming asylum" ... continue reading

Hungarian officials approved for weapon use against migrants Watch

Image of Hungarian officials can now use non-lethal weapons against migrants trying to illegally cross borders.


Hungarian parliament have granted police and the Hungarian army the power to keep migrants out of their country. Fears of Europe being overran by migrants continue to increase. MUNTINLUPA CITY, PHILIPPINES (Catholic Online) - Hungarian Prime Minister Viktor Orban ... continue reading

All Europe News


Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

Daily Readings

Reading 1, Baruch 4:5-12, 27-29
5 ¡Ánimo, pueblo mío, memorial de Israel ... Read More

Psalm, Psalms 69:33-35, 36-37
33 For God listens to the poor, he has never scorned ... Read More

Gospel, Luke 10:17-24
17 The seventy-two came back rejoicing. 'Lord,' they ... Read More

Saint of the Day

Saint of the Day for October 3rd, 2015 Image

St. Ewald & Ewald
October 3: Martyred Northumbrian brothers, one called "the Fair" and one ... Read More