World News

Jul 1, 2013 2:31 PM by Associated Press

Vatican Bank Director, Deputy Resign Amid Scandal

ROME (AP) - The director of the embattled Vatican bank and his deputy have resigned following the latest developments in a broadening finance scandal.

The Vatican said Monday that Paolo Cipriani and his deputy, Massimo Tulli, offered to step down "in the best interest of the institute and the Holy See."

Cipriani, along with the bank's then-president, was placed under investigation by Rome prosecutors in 2010 for alleged violations of Italy's anti-money-laundering norms after financial police seized 23 million euro ($30 million) from a Vatican account at a Rome bank. Neither has been charged and the money was eventually ordered released.

But the bank, known as the Institute for Religious Works, has remained under the glare of prosecutors and now Pope Francis amid fresh concerns it has been used as an offshore tax haven.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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