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Ex-Vatican Bank President Given 9-Year Prison Sentence for Money-Laundering

The Institute for Religious Works was founded in 1942 under Pope Pius XII but can trace its roots back as far as 1887. It aims to hold and administer money designated for ‘religious works or charity,’ according to its website.

Angelo Caloia, 81, was president of the Institute for Religious Works, also known by its Italian initials, IOR, from 1989 to 2009.