Vatican bank briefs ambassadors on new financial rules
May 15, 2012
Ambassadors accredited to the Holy See have been given a tour of the Vatican bank, the Institute of Religious Works (IOR), as part of a public-relations campaign designed to bolster confidence that the Vatican bank is adhering to tough new European standards on documentation of financial transfers.
Msgr. Peter Bryan Wells, the assessor of the Secretariat of State, briefed 35 ambassadors on the recent changes at the IOR. The bank’s director, Paolo Cipriani, followed with a more extensive explanation of the new Vatican rules on financial transfers, which were enacted to bring the institution into compliance with European banking regulations against money-laundering.
The IOR plans another session for ambassadors in the near future, and has provided a similar briefing for a group of American donors.