Tag: Vatican bankVatican bank
As part of ongoing efforts to promote transparency and chip away at the myths surrounding what is commonly called the Vatican bank, its new president announced it will have a website by the end of the year and will publish its annual report, according to the Catholic Sentinel.
Pope Francis, who has said he wants the Catholic Church to be a model of austerity and honesty, could restructure or even close the Vatican's scandal-ridden bank as part of a broad review of its troubled bureaucracy, Vatican sources say.
The Vatican appointed a German lawyer to head its bank, but the bid to turn the fortunes of the scandal-hit institution was clouded by his business links to a military shipbuilder.
The Vatican bank or Institute for Works of Religion, IOR, needs more reform in order to show it is effective at preventing financial crime, a report by a European banking watchdog has said.
Vatican bank, one of the more secretive institutions of the secrecy-obsessed Vatican, opened itself up to a little external scrutiny in a bid to show it is serious about fighting money-laundering and being more financially transparent.