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The Vatican: Pope Backs Bank The Vatican: Pope Backs Bank
(about 1 hour later)
Pope Francis gave his backing on Monday to the scandal-tainted Vatican Bank to carry on, provided that it presses ahead with efforts to bring its banking practices up to international standards. The bank, which has been caught up in money-laundering investigations conducted by Italian judicial authorities, has to make itself more transparent and enact international best banking practices, the Vatican said. Last year, Francis said that some of his advisers were urging him to close down the bank, known as the Institute for Religious Works, and he noted that “St. Peter didn’t have a bank account.” Referring to changes prompted by the investigations, the Vatican said the bank would follow the 2013 papal directives on “transparency, supervision and financial information.” Pope Francis gave his backing on Monday to the scandal-tainted Vatican Bank to carry on, provided that it presses ahead with efforts to bring its banking practices up to international standards. The bank, which has been caught up in money-laundering investigations conducted by Italian judicial authorities, has to make itself more transparent and enact international best banking practices, the Vatican said. Last year, Francis said some of his advisers were urging him to close down the bank, known as the Institute for Religious Works. Referring to changes prompted by the investigations, the Vatican said the bank would follow the 2013 papal directives on “transparency, supervision and financial information.”