A Swiss guard at St. Peter's Basilica at the Vatican. (Photo: REUTERS/Tony Gentile)
Italian police have arrested a senior Catholic cleric, Monsignor Nunzio Scarano.
He's accused of attempting to smuggle millions of dollars in cash into Italy from Switzerland for a family friend.
Scarano is also a senior accountant in the Vatican's financial administration.
"It's bad news and good news," says journalist Thomas Reese. Reese is senior analyst with the National Catholic Reporter, and author of "Inside the Vatican: The Politics and Organization of the Catholic Church." He's also a Jesuit priest.
"The bad news is that this Monsignor is being accused of these crimes," says Reese. "The good news is that they are being investigated."
Reese says this will send a powerful signal to others in the Vatican that "the party is over," and that financial crimes will not be tolerated.