Licio Gelli was an Italian Freemason, criminal and terrorist. A Fascist volunteer in his youth, he is chiefly known for his role in the Banco Ambrosiano scandal. He was revealed in 1981 as being the Venerable Master of the clandestine masonic lodge Propaganda Due (P2).

Banco Ambrosiano was an Italian bank that was established in 1896 and collapsed in 1982. The Vatican-based Institute for the Works of Religion, commonly known as the Vatican Bank, was Banco Ambrosiano's main shareholder. The Vatican Bank was accused of funnelling covert United States funds to the Polish trade union Solidarity and to the Nicaraguan Contras through Banco Ambrosiano.