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Vatican bank passed transparency test, Italian paper reports

Catholic World News - June 19, 2012

The Vatican bank will receive a passing grade from European banking inspectors after a test of anti-laundering safeguards, according to an Italian daily newspaper.

Corriere della Sera reports that the European inspectors who have been assessing the Institute for Religious Works will give the institution a rating that will enable the Vatican bank to escape from its current status as a “problem” institution.

During the past year the Vatican has been working to implement new rules ensuring transparency in financial transactions. The goal for the Institute for Religious Works has been to qualify for inclusion on a “white list” of banks certified as meeting European standards.

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  • Posted by: bruno - Jun. 19, 2012 11:15 PM ET USA

    It is great to see them taking the initiative to assure the broader world of their commitment to anti-money laundering. Hopefully, this will put to rest some of the criticism the VB has endured in recent decades.

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