President Of Vatican Bank Forced To Resign

Ettore Gotti Tedeschi, the president of the Institute for Works of Religion, commonly known as the Vatican Bank, has been forced to resign after the board of directors issued a no-confidence vote.

The board voted unanimously, saying that Tedeschi had failed to carry out duties of primary importance. The Vatican added in a statement that his dismissal was needed to maintain the vitality of the bank. The board will soon begin searching for a new director.

In the 1980s, the bank was involved in a scandal in connection with the collapse of the Banco Ambrosiano, a private bank with ties to the Vatican that lost close to $40 million following a collapse. Additionally, two years ago, Italian police opened a money laundering investigation against Tedeski, although that had little to do with the board's decision, the Associated Press reported.

Tedeksi has previously admitted to only working one or two days a week at the Vatican Bank, and he is believed to have leaked confidential documents, according to the AP.