Vatican Bank Officials Targeted In Money Laundering Investigation

AP reported yesterday that top officials of the Vatican's Institute for the Works of Religion-- the Vatican Bank-- are under investigation by Italian financial police in an investigation of money laundering.  Authorities seized $30 million from a Vatican bank account at the Rome branch of Credito Artigiano Spa as the funds were awaiting transfer to accounts at JP Morgan and Banca del Fucino.  Apparently the Vatican bank had failed to inform authorities of the source of the funds. The Vatican Bank primarily manages funds destined for religious or charitable works, but also manages the pension system for the Vatican's employees. Generally only Vatican employees, religious orders and those who transfer funds to the Pope's charities can have accounts at the bank. The Vatican said it was perplexed and surprised by the money laundering investigation.