Action Alert!
Catholic World News

Report: Pope to reform Vatican bank structure

December 29, 2010

Pope Benedict will issue a document on December 30 that reforms the Vatican banking system, the Vatican has confirmed.

Shortly after the appearance of a German press report that the Pope would move to adopt new European banking standards, the Vatican press office announced that a motu proprio will be released on December 30, imposing new regulations to combat the possibility of money-laundering and fraud. The Pope will set up a new Financial Information Authority to "prevent and combat illegal activities" in financial affairs. The new rules respond to criticism that unnamed officials have used the Vatican bank to mask illegal transactions.


Sound Off! 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.