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Any time money changes hands, there is a potential for financial misconduct, but the leaders of the Vatican's Financial Information Authority said the Holy See has made enormous strides in reducing its risks.
The Vatican City State court sentenced an Italian contractor, who had done work for several Vatican offices, to 2 1/2 years in jail for using a Vatican bank account for money laundering.
The Vatican has accused a former director of the Vatican bank and his lawyer of money laundering and embezzlement, saying the men took an estimated 57 million euros (about $68 million).
The Vatican's financial watchdog agency has reported continued progress in oversight, reporting and cooperation in its efforts to prevent suspected money laundering and the financing of terrorism.