Pope Still Voices Trust In Vatican Bank Director

 According to the article below, Pope Benedict XVI personally told the director of the Vatican Bank that he trusted him and appreciates the work he is doing after Italian authorities launched a money-laundering investigation into the bank. Italian prosecutors froze Vatican Bank transactions last week after the bank failed to provide all the information required by anti-money laundering rules. Tedeschi claims it was due to a misunderstanding.
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Pope voices trust in Vatican Bank head after probe
CNN.comSeptember 27, 2010 -- Updated 1349 GMT (2149 HKT):

Rome, Italy (CNN) -- Pope Benedict XVI personally told the director of the Vatican Bank that he trusted him and appreciates the work he is doing, the Vatican said Monday, after Italian authorities launched a money-laundering investigation into the bank.

Ettore Tedeschi, the bank head, was among the faithful meeting Benedict Sunday after the pope's weekly Angelus address.

Tedeschi kissed the pope's hand and gave him a copy of his book 'Money and Paradise,' and they exchanged a few words, the Vatican said.

Italian prosecutors last week froze Vatican Bank transactions for the first time ever, after the bank failed to provide all the information required by anti-money laundering rules.

Tedeschi told CNN last week he was incredulous and "humiliated" when he learned Italian investigators were looking into money-laundering allegations against the bank.
 
He said the probe was the result of a "misunderstanding."

Italian authorities informed the Vatican Bank about the probe on Tuesday, prosecutor Nello Rossi told CNN.
Prosecutors seized 23 million euros (about $30 million) in Vatican Bank transactions "as a cautionary measure" on Monday, he said.

"My first reaction was of incredulity and afterwards, that of feeling humiliated in the intense work that, along with (bank) Director-General (Paolo) Cipriani and all of the institute's managers, I've been carrying out," Tedeschi told CNN by e-mail Friday.

"After discussing with Dr. Cipriani the actions that spurred the inquiry, I was relieved, and I've realized that we had to immediately take action in explaining the facts to various levels and places," he said.

Tedeschi said he also realized the need to speed up the process of getting the Vatican Bank on the "white list" of banks that comply with internationally agreed standards, "to prevent other misunderstanding events like the one that just happened."

This is not the first time Italian prosecutors have investigated the bank, but probes are extremely rare, Rossi said.

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