URGENT! Make a gift that will be doubled. We have $9,681 left to match by December 1st.
Click here to advertise on CatholicCulture.org

Vatican bank hopes to resume ties with Italian financial institutions

Catholic World News - January 22, 2014

The Vatican bank is hoping to resume normal cooperative agreements with Italian financial institutions, after implementing a series of reforms to address concerns about money-laundering.

Italian banking officials had cut off agreements with the Vatican bank, the Institute for Religious Works (IOR), in 2010 because of complaints about a lack of transparency and inadequate documentation of financial transfers. Since that time the IOR has undergone a change in leadership and a series of internal reforms. In December, European banking examiners praised the IOR for its progress toward transparency, while recommending further steps to ensure compliance with new banking standards.

"The IOR looks forward to a resumption of full interaction with Italian financial institutions pending review by Italian regulatory authorities of the Holy See/Vatican City State's anti -money laundering provisions," the Vatican bank announced in a report to Italian banking officials.

Additional sources for this story
Some links will take you to other sites, in a new window.

An appeal from our founder, Dr. Jeffrey Mirus:

Dear reader: If you found the information on this page helpful in your pursuit of a better Catholic life, please support our work with a donation. Your donation will help us reach seven million Truth-seeking readers worldwide this year. Thank you!

Our Fall Campaign
Progress toward our year-end goal ($63,339 to go):
$150,000.00 $86,661.12
42% 58%
Sound Off! CatholicCulture.org supporters weigh in.

All comments are moderated. To lighten our editing burden, only current donors are allowed to Sound Off. If you are a donor, log in to see the comment form; otherwise please support our work, and Sound Off!

There are no comments yet for this item.

Fall 2014 Campaign
Subscribe for free
Shop Amazon
Click here to advertise on CatholicCulture.org

Recent Catholic Commentary

Art and theology, beauty and truth, work together in the New Evangelization November 21
Anatomy of Conversion November 21
Anatomy of Conversion November 21
It is a failure of mercy to deny sin November 20
Yesterday's news, tomorrow November 20

Top Catholic News

Most Important Stories of the Last 30 Days