FX.co ★ Vatican bank director resigns

The Director General of the Vatican bank Paolo Cipriani and his deputy have announced they step down, shortly after the cleric, who worked as the bank’s accountant, was arrested on suspicion of fraud, the Holy See reported.
The Vatican said that the resignations had been accepted “in the best interests of the Institute and the Holy See.”
The president of the bank Ernst von Freyberg is said to take the position of the director general.
Monsignor Nunzio Scarano was arrested on charges of smuggling 23 million euros into Italy from Switzerland.
Pope Francis set up a commission of inquiry into the bank in 2013. Meanwhile, there were cases of money-laundering with the Vatican bank even before, in 2009-2012.
The former director of the bank Ettore Gotti Tedeschi resigned amid another investigation, carried out in May 2012.
The Vatican bank, or formally known as the Institute for Religious Works (IOR), was founded in 1942 in Vatican in order to manage assets of religious individuals and institutions. The bank’s management board delivers its reports to the College of Cardinals and the Pope.