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Jail time sought for Vatican Bank directors

ROME (SE): The prosecutor in the case against the former directors of the Institute for Religious Works, more commonly known as the Vatican Bank, asked for jail sentences on January 20 for Paulo Cipriani and Massimo Tulli for their part in breaching Italy’s anti-money-laundering laws.

In asking for sentences ranging from 10 months to one year, the prosecutor cited two suspicious operations that led to the 2010 seizure of Ä23 million ($191.8 million), which was later returned to the Institute for Religious Works.

The prosecutors pointed out that the Vatican Bank had operated in Italy without authorisation for 40 years and acted without Central Bank authorisation until 2011, when the Bank of Italy told credit institutions to consider it a non-European Union bank.

At that point, it moved some of its banking activities to Germany, ANSA reported.

After being boycotted by Italian and other international banks, the Vatican Bank resumed normal operations in January 2014.

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