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Report: Pope to reform Vatican bank structure

Catholic World News - 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.

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