UCAN needs your support
You are why we do what we do - report, describe, comment, review. It is to bring to your eyes just what life is like for believers across Asia that we publish UCAN.
But as you know, the effort needs to be sustained if it is to have continuing effect.
UCAN publishes some 150 stories a week in four languages across six websites. We are grateful to benefactors in Europe and the US who support us. But those countries and the Church there are under increasing financial strain and their generosity no longer covers our costs.
We need financial help from our readers to sustain our efforts. Our reporters, editors, video producers and photographers all have families and we need to support them. They do excellent jobs, but they can't do their jobs for nothing.
Will you help us to sustain UCAN? Please click here to help.
Thanks in anticipation.
Fr. Michael Kelly SJ
Inquiry finds 'clear failings' at Vatican Bank
Bank under fire after arrests and resignations
Picture: Huffington Post
- Philip Pullella for Reuters/Huffington Post
- Vatican City
- July 5, 2013
A preliminary inquiry by the Vatican bank after the arrest of a Vatican prelate on suspicion of trying to smuggle huge sums of money into Italy from Switzerland found "clear failings" at the institution, a source close to the bank said on Thursday.
The board of the bank, formally known as the Institute for Works of Religion (IOR), held a meeting on Thursday that also addressed the shock resignation of its two top managers on Monday. The meeting had not been made public.
At the meeting Ernst von Freyberg, the bank's German president, told the other four board members of the preliminary results of an internal investigation.
It discovered "clear failings that should serve as stark reminder of the urgency of improving the IOR's processes," Freyberg told the board, the senior source told Reuters.
The Vatican was rocked last Friday by the arrest of Monsignor Nunzio Scarano, who is accused of plotting with two other people to smuggle 20 million euros ($25.8 million) into Italy from Switzerland for rich friends in southern Italy.
Scarano, 61, who worked as a senior accountant in the Vatican's financial administration and had close and regular contacts with the Vatican bank, was arrested along with an Italian secret service agent and a financial intermediary.
Scarano is accused of money laundering in a separate investigation in the southern city of Salerno, his hometown.
Source: Huffington Post