Vatican, Bank of Italy Didn't Communicate Before Probe, Repubblica Reports

The Vatican Bank’s communications with Italy’s central bank were inadequate and this may have prompted a probe into alleged violations of money-laundering rules, la Repubblica reported, citing Vatican Bank chief Ettore Gotti Tedeschi.

Communications between the Institute for Works of Religion, or IOR, as the Vatican Bank is called, “always worked well” in the past, Gotti Tedeschi told Repubblica in an interview published today. “Relations with the Bank of Italy are good.”

Italian police yesterday temporarily seized 23 million euros ($31 million) from an account registered to the IOR, as Rome prosecutors probe Gotti Tedeschi for violations of money- laundering laws. The Holy See in a statement yesterday expressed “surprise” and “bewilderment” at the operation, and said it has “full confidence” in Gotti Tedeschi.

To contact the reporter on this story: Lorenzo Totaro in Rome at ltotaro@bloomberg.net;

To contact the editor responsible for this story: John Fraher at jfraher@bloomberg.net.

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