Vatican Announces Shakeup At Vatican Bank

A communique was issued in English by the Holy See Press Office late yesterday afternoon, the full text of which is given below:

“IOR-Director Comm. Paolo Cipriani and Deputy Director Dott. Massimo Tulli have offered their resignations from their current positions. After many years of service both have decided that this decision would be in the best interest of the Institute and the Holy See. The Oversight Council and the Commission of Cardinals have accepted their resignations and asked President Ernst von Freyberg to assume the functions of the General Director ad interim with immediate effect. The Vatican regulator AIF has been informed accordingly. The Special Commission appointed on June 26 2013 has acknowledged the decision.

“Ernst von Freyberg will be supported by Rolando Marranci as acting Deputy Director and Antonio Montaresi in the newly created position as acting Chief Risk Officer with the remit of overseeing compliance and special projects. Previously Rolando Marranci served as Chief Operating Officer at a leading Italian bank in London. Antonio Montaresi has served as Chief Risk and Chief Compliance Officer with various banks in the US.

“'In the name of the Oversight Council I thank Mr. Cipriani and Mr. Tulli for their personal dedication over the past years,' said President Ernst von Freyberg. 'I welcome Rolando Marranci and Antonio Montaresi as outstanding professionals,' he said. 'Since 2010 the IOR and its management have been working hard to bring structures and processes in line with international standards for anti-money laundering. While we are grateful for what has been achieved, it is clear today that we need new leadership to increase the pace of this transformation process. Our progress is in no small measure due to the continued support from the governing bodies of the Institute and its personnel.'

“The Oversight Council has also initiated a selection process with the aim of appointing a new General Director and Deputy Director in the near future.

“Elizabeth McCaul, Partner-in-charge of the New York Office and Chief Executive Officer of Promontory Europe and Raffaele Cosimo, Chief Operating Officer of Promontory Europe were mandated this past May by the President of the Oversight Council to strengthen the Institute’s anti-money laundering program in seven work streams including conducting a forensic review and screening its client relationships. Mr von Freyberg has also asked Elizabeth McCaul and Raffaele Cosimo to serve as Senior Advisors to support the management. Previously, Ms. McCaul served as New York Superintendent of Banks and is considered a leader in regulatory circles. Mr. Cosimo is an expert in bank governance and operations.”