The Pope’s bank in Rome, the Institute for Works of Religion, is now under investigation by the Italian state on money laundering charges.
Already the Italian authorities have frozen $30 million connected to the case.
That $30 million was sent to two different banks: JPMorgan Frankfurt and Banca del Fucino.
The investigation into the bank centres on missing data from order forms.
The bank’s president, Ettore Gotti Tedeschi, is also under investigation for his involvement. The Vatican continues to support Tedeschi, who is a professor at Milan’s Catholic University as well, where he teaches financial ethics.
Institute for Works of Religion is not so much a central bank, as it is a bank used for the Catholic Church’s purposes.