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Morning briefing: Italian police seize $30m from a Vatican bank account

vatican.jpg

A branch of Credito Artigiano's bank in Rome. Just when the Catholic Church didn't need another scandal, Italian authorities have begun investigating top officials of the Vatican bank in connection with a money-laundering probe.

(Photo Credit: Angelo Carconi/AP)

1. Two big banking stories are developing in Italy. Italian authorities seized more than $30 million from a Vatican bank account Tuesday. Vatican Bank chief Ettore Gotti Tedeschi said that the bank's communications with Italy's central bank were inadequate and that this may have prompted a probe into alleged violations of money-laundering rules. The Vatican said it was "perplexed and surprised" by the situation. Meanwhile, the CEO of the country's largest bank, Unicredit, has resigned after heavy criticism for expressing willingness to allow Libyan state bodies to increase their stake in the bank.

2. Industrial orders in the 16 countries that use the euro declined more than expected in July, led by a drop in capital goods.

3. Bank of England policymaker Andrew Sentance repeated a call for an interest rate hike in September.

4. Gold climbed to a record for a fifth day while silver hit a 30-month high.

By Ariana Eunjung Cha  | September 22, 2010; 7:50 AM ET
Categories:  *Morning briefing  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz   Previous: Economic agenda: Wednesday, Sept. 22, 2010
Next: Treasury official overseeing bailout steps down

Comments

Bank Probe Leaves Vatican "Perplexed"
The Vatican says it is "perplexed and surprised" by an investigation into suspected money laundering at the Vatican Bank. Italian authorities have seized $30m from one of the bank's accounts, as part of a probe involving top officials. http://www.newslook.com/videos/252093-bank-probe-leaves-vatican-perplexed?autoplay=true

Posted by: Anonymous | September 22, 2010 1:42 PM | Report abuse

Bank Probe Leaves Vatican "Perplexed"
The Vatican says it is "perplexed and surprised" by an investigation into suspected money laundering at the Vatican Bank. Italian authorities have seized $30m from one of the bank's accounts, as part of a probe involving top officials. http://www.newslook.com/videos/252093-bank-probe-leaves-vatican-perplexed?autoplay=true

Posted by: Anonymous | September 22, 2010 1:42 PM | Report abuse

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