Friday, October 11, 2013

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.
 For full story, see the BBC News website.

No comments:

Post a Comment

Leave a comment about this post.

Rules for commenting

Posts and comments to The Busy Catholic must be marked by Christian charity and respect for the truth. They should be on topic and presume the good will of other contributors. Discussion should take place primarily from a faith perspective. We reserve the right to end discussion on any topic any time we feel the discussion is no longer productive.