Leaders of troubled Vatican bank resign

John L. Allen,Jr.
National Catholic Reporter
July 1, 2013

In the latest sign of a shakeup at the troubled Institute for the Works of Religion, better known as the Vatican bank, a statement on Monday said the bank's leadership team has resigned in order "to increase the pace" of a "transformation" toward greater transparency and compliance with anti-money-laundering norms.

The resignations of Paolo Cipriani and Massimo Tulli, director and vice-director of the bank respectively, both laymen, are effective immediately.

The Vatican statement said Ernst von Freyberg, a German financier appointed in February by Pope Benedict XVI as bank president, will take over day-to-day operations on an interim basis, assisted by two newly appointed aides with backgrounds in secular banking.

full article at National Catholic Reporter