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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.

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