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Scandal-hit Vatican bank turns to French financier for redemption
French financier Jean-Baptiste de Franssu has been appointed as the new president of the scandal-marred Vatican bank. Mr de Franssu will head the troubled bank, formally known as Institute of Religious Works (IoR), which has come under intense scrutiny over the past year following allegations of money laundering and lack of transparency. The Holy See said it will restructure the two sections of the Administration of the Patrimony of the Vatican, or APSA, which handles income and spending, prepares budgets and acts as a central accounting department and purchasing office. The announcement comes just a day after the ... (full story)
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