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

Angelo Caloia, the former head of the Vatican bank, was recently sentenced to 8 years and 11 months in jail on counts of money laundering and aggravated embezzlement. Caloia is the highest-ranking official to be convicted of a financial crime, although his lawyer is planning to appeal his sentence. Caloia was the president of the bank Institute of Works of Religion (IOR) for roughly a decade, 1999-2009.

He and two lawyers who consulted for the bank were charged with embezzling money while managing the sale of Italian real estate owned by the bank, declaring less than the actual sale amount. Gabriele Liuzzo, 97, and his son Lamberto Liuzzo, 55, received nine years and five years and two months respectively. Each man will also be fined and banned for life from public office in perpetuity, according to the Vatican.

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