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Vatican bank's former chief found guilty of money laundering, sentenced to nearly 9 years in prison

January 21, 2021. Summarized by summa-bot.

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This photo taken and handout on January 21, 2021 by the Vatican Media shows magistrates during the trial of former president of the IOR Vatican bank, Angelo Caloia (not in picture) on embezzlement charges at the Vatican courthouse. - Angelo Caloia, a former head of the Vatican bank, was on January 21, 2021 found guilty of embezzlement and money laundering and sentenced to eight years and 11 months in prison. (Photo by Handout / VATICAN MEDIA / AFP) / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / VATICAN MEDIA" - NO MARKETING - NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS (Photo by HANDOUT/VATICAN MEDIA/AFP via Getty Images)

Angelo Caloia was president of the bank known as Institute of Works of Religion (IOR) from 1999 to 2009. He and two lawyers who consulted for the bank were charged with embezzling money while managing the sale of Italian real estate owned by IOR

(CNN)The former head of the Vatican bank, Angelo Caloia, has been sentenced to nearly nine years in prison for money laundering and aggravated embezzlement.

The 81-year-old was handed an eight year, 11 month jail term on Thursday, making him the highest-ranking Vatican official to be convicted of a financial crime.

Caloia was president of the bank known as Institute of Works of Religion (IOR) from 1999 to 2009.

He and two lawyers who consulted for the bank were charged with embezzling money while managing the sale of Italian real estate owned by IOR between 2001-2008, allegedly declaring less than the actual amount of the sale.

The Vatican court also convicted the two lawyers.

Gabriele Liuzzo, 97, received the same sentence as Caloia.

The Vatican bank has long been plagued by financial scandals.

In September 2020 Giovanni Angelo Becciu, one of the Vatican's powerful cardinals, resigned from his post amid financial scandal.

At the time Becciu said he was accused of embezzlement and proclaimed his innocence during a press conference after effectively being fired by Pope Francis.

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