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British ambassador praises Vatican bank’s steps to address money laundering

CWN - May 18, 2012

Following a briefing at the Vatican bank--the Institute of Religious Works (IOR)--Ambassador Nigel Baker praised the Holy See’s efforts to conform to international financial norms against money laundering.

“Even the most respectable, well-run bank or financial institution in the world will have some vulnerabilities, there’s no such thing as an invulnerable bank or financial institution, as we’ve had to see recently on Wall Street and elsewhere,” said Britain’s ambassador to the Holy See. “I think one of the objectives of the board of IOR is to show that they have modern procedures in place and they are as resistant as any other well run financial institution to being misused. It’s for others to judge whether they have reached that goal or not, but I think it’s very important that they are trying to go down that route.”

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