Vatican Bank's image "irreparably" damaged

Money laundering accusations hurts the Church, says bank's chair

Ettore Gotti Tedeschi

News1130 reported yesterday that the chief of the Vatican Bank said their image may have been "irreparably" damaged after the intense media coverage of Italian authorities seizing assets in an anti-laundering probe.

Ettore Gotti Tedeschi, who was named chief of the Institute for Religious Works (Vatican Bank) last year, said the money laundering accusations are false and that they have been working with the Bank of Italy to meet anti-money laundering requirements of Italy and Europe.