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!

Progress toward our July expenses ($33,025 to go):
$35,000.00 $1,974.95
94% 6%
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.

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

Recent Catholic Commentary

Making Moral Progress? July 3
Vatican statement clarifies duties of Catholic faithful after Obergefell decision July 2
Political battles vs. sacrificial service: The Brooks paradox revisited July 2
A Baptist leader with a message the Synod of Bishops should hear June 30
'Helpful' advice for social conservatives: ignore causes, deal with effects June 30

Top Catholic News

Most Important Stories of the Last 30 Days
Pope approves process for holding bishops accountable in abuse cases CWN - June 10
Pope Francis’ 2nd encyclical released (includes link to full text) CWN - June 18
US Supreme Court rules all states must recognize same-sex marriage CWN - June 26
Archbishop Nienstedt, auxiliary bishop resign CWN - June 15