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Two heads roll in Vatican bank purge

05 July 2013

AP

TWO of the most senior officials of the Vatican bank have resigned from their posts as Pope Francis increases his efforts to clean up the machinery of the Roman Catholic Church.

Paolo Cipriani, the director of the the Institute for the Works of Religion (IOR), and Massimo Tulli, deputy director of the bank, decided to leave "in the best interests of the Institute and the Holy See", a statement from the Vatican said.

They have given up their jobs just five days after the Argentine Pontiff established a five-member commission to scrutinise the activities of the bank as part of his agenda for reform of the Church.

The double resignation also comes two days after Italian police arrested Monsignor Nunzio Scarano, an accountant involved in Vatican properties and investments, on suspicion of large-scale fraud, corruption, and slander.

The Vatican announced on Tuesday that the resignations of the pair had been accepted, and that the president of the IOR, Ernst von Freyberg (above, right), a German industrialist, would "assume the functions of the general director ad interim with immediate effect".

Rolando Marranci, a former chief operating officer at a "leading Italian bank in London", was named as the deputy director of the IOR, and a new post of chief risk officer has been created for Antonio Montaresi, who has served as chief compliance officer for banks in the United States.

In a statement, Mr von Freyberg said: "Since 2010, the IOR and its management have been working hard to bring structures and processes in line with international standards for anti-money laundering.

"While we are grateful for what has been achieved, it is clear today that we need new leadership to increase the pace of this transformation process."

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