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.
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 Spring Challenge Grant
Progress toward our Spring Challenge Grant goal ($5,160 to go):
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!