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Vatican making progress toward financial transparency, says head of oversight agency

Catholic World News - August 13, 2013

The new head of the Vatican’s Financial Information Authority has said that a papal document released last week to tighten standards for financial transactions is a “positive sign,” but cautioned that more work is necessary to ensure transparency in Vatican finances.

René Bruelhart told reporters that Vatican financial overseers now have “the right tools” to identify any questionable transfers and take appropriate action. Nevertheless, Bruelhart said, the Vatican will need to continue improving accounting systems to meet the standards set by European banking authorities to combat money-laundering.

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