Vatican Bank mired in laundering scandal

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Scrooge MacBenedict

This is no ordinary bank: The ATMs are in Latin. Priests use a private entrance. A life-size portrait of Pope Benedict XVI hangs on the wall.

Nevertheless, the Institute for Religious Works is a bank, and it's under harsh new scrutiny in a case involving money-laundering allegations that led police to seize euro23 million ($30 million) in Vatican assets in September.

Critics say the case shows that the "Vatican Bank" has never shed its penchant for secrecy and scandal.

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