Click here to advertise on CatholicCulture.org

Vatican Bank president discusses progress in combating money laundering

Catholic World News - January 23, 2014

Ernst von Freyberg, the president of the Institute for Works of Religion (IOR) since February, has told Vatican Radio that the bank has made significant progress in combating money laundering.

“We have used the past year to create the system and to analyze our customers for possible irregularities,” he said. “By the end of 2013 we had screened approximately 10,000 client relationships, 8,000 client relationships remain to do.”

“In 2014, we have a lot of work to do on transparency and compliance,” he continued. “While we have made more progress than was imagined, in general, last year when we started, we cannot say everything is finished.”

“We are waiting for the Holy Father to decide on the definition of the future mission of IOR, and following his decision, we will then work to implement that in our operations,” he added.

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 August expenses ($34,995 to go):
$35,000.00 $5.00
100% 0%
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
Click here to advertise on CatholicCulture.org

Recent Catholic Commentary

Talk to your kids about porn! 0 hours ago
Showing the Courage to battle homosexual impulses 15 hours ago
In other words, to be a Christian means this: 17 hours ago
Wanted: a balanced Catholic perspective on immigration 22 hours ago
Renewal with God before Us: Christ Determines All July 30

Top Catholic News

Most Important Stories of the Last 30 Days
New management, new changes coming for reformed Vatican bank CWN - July 8
Sweeping reforms to Vatican's media, financial operations CWN - July 9
‘Even Genghis Khan didn’t do this’: Mosul emptied of Christians CWN - July 21