The Vatican Bank takes action against accusations

The Institute for Religious Works faces relentless accusations of corruption

The bank has been accused of money laundering and lack of due diligence in allowing non-religious businessmen to hold accounts. Photo credit: Reuters.

The Vatican Bank has published its first annual report in attempt to become more financially transparent.

In the report, President Ernst Von Freyberg, said the IOR needed to be a well-respected member of the global financial community.

"The annual report seeks to contribute to the transparency which the Catholic Church, our customers, our correspondent banks, our authorities and the public rightfully expect," he said.

Mr Von Freyberg added that the bank had been "been engaged in a process of far-reaching reform" to improve its organization, compliance and transparency.

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