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Vatican bank affirms ethics over profit

VATICAN (CNS): The Institute for the Works of Religion—known as the Vatican bank—is striving to follow Catholic ethical practices in its investments, according to its latest annual report.
 
According to the 128-page report, published on May 22, the institute’s net profit for 2017 was €31.9 million ($308 million), which will all be donated to the Holy See. Net profit was down from €36 million in 2016, it said.
 

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Embezzlement trial of former Vatican bank official begins

VATICAN (CNS): The trial of Angelo Caloia, who was president of the Institute for the Works of Religion, also known as the Vatican Bank, and his lawyer, Gabriele Liuzzo, began in the Vatican courtroom on May 9.
 
The Vatican has accused the two of money laundering and embezzlement, saying they skimmed an estimated €57 million (about $550.45 million) off profits from the sale of Vatican properties.
 

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Former Vatican bank officials to stand trial

VATICAN (CNS): A former president of the Vatican bank, 78-year-old Angelo Caloia, and his attorney, 94-year-old Gabriele Liuzzo, are set to go on trial at the Vatican on March 15 on embezzling and money-laundering charges, Reuters reported.
 
The bank, officially known as the Institute for the Works of Religion, alleges that the former officials’ illegal conduct led to damages to the bank in excess of 50 million euros ($482.7 million), according to a press statement from the institute.
 

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Former managers of Vatican bank ordered to pay damages

VATICAN (CNS): A Vatican court found Paolo Cipriani, the former director of the Institute for the Works of Religion (IOR)—better known as the Vatican Bank, and Massimo Tulli, the bank’s former deputy director, liable for mismanagement on February 6, and ordered an injunction for them to pay damages.
 
The amount sought was not specified. However, the Italian news agency ANSA said the damages the bank incurred totalled about 47 million euro (about $449 million).
 

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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.

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Vatican bank publishes 2015 annual report

VATICAN CITY (CNS): The Institute for the Works of Religion (IOR)—informally called the Vatican bank— released its annual report for the 2015 fiscal year on May 12, presenting the document during a round-table event with Vatican Radio and L’Osservatore Romano.

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