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Vatican

Bruno Marie Duffé, new secretary of the Department for Integral Development

June 16, 2017. Thepope has named French priest Bruno Marie Duffé, from Lyon, number two of the Dicastery for Promoting Integral Human Development. He will be in charge of one of the key offices in the Vatican Curia.
Pope Francis

Angela Merkel to meet with pope on June 17

June 9, 2017. The Vatican has confirmed that on Saturday, June 17, German Chancellor Angela Merkel will meet with Pope Francis. Both have previously met in Rome in May 2016, February 2015 and May 2013, two months after Pope Francis was elected pontiff.
Pope Francis

Pope Francis to meet with Venezuelan bishops on June 8

June 5, 2017. Pope Francis will meet with Venezuelan bishops next Thursday to discuss the situation their country is facing.
Vatican

New secretary of the Dicastery for Laity, Family and Life

May 31, 2017. The Brazilian priest Alexandre Awi Mello, the National Director of Brazil's Schönstatt Movement, will serve as the new secretary. He was born Rio de Janeiro in 1971, and ordained a priest in 2001.
Pope Francis

Pope sends condolences and solidarity to Cairo after bus attack

May 26, 2017. Secretary of State, Pietro Parolin, wrote a letter to His Excellency Abdel Fattah Al Sisi after the bus attack Friday in Cairo, which left close to 30 Coptic Christians dead, including children, and many others injured.

Vatican Bank Focuses on Transparency

2010-10-05

Its official name is IOR, the Institute for Works of Religion. This is a unique bank: it only makes ethical investments, their profits go to charity and their customers are dioceses, religious orders and Vatican departments and employees. 

Marco Tosatti 
Vatican expert
"The IOR is a very sui generis bank, that was created in 1942 by Pope Pius XII. According to its statutes it only can receive deposits from Vatican officials, religious congregations, local clergy and other people like that."

A year ago, Benedict XVI appointed Italian Ettore Gotti Tedeschi as new president of the bank of the Vatican. He asked him to make the bank completely transparent - that is, adapt it to European laws that require customers to identify all operations. 

According to the Vatican, since January it’s been working with the Bank of Italy and European organizations to fully regularize its processes before December 31.

But bureaucratic mistakes can still be made. Last September, the IOR made two transfers without revealing the names of clients. These were then blocked by the Italian authorities. 

The Vatican bank chief said it was an internal treasury operation, not an order for its customers. He called it a misunderstanding. 

Marco Tosatti 
Vatican 
"There are a number of accounts whose owners are known only to the bank. And I think this is the current problem in the sense that to adapt to European anti-money laundering rules – a work that the bank is doing now by its President Gotti Tedeschi, after a mandate of the Pope and Bertone – it is necessary that these accounts are removed or become totally transparent."

Since the incident, the Pope has publicly supported the Bank’s current president. 

Marco Tosatti 
Vatican 
"If there is a management team that’s capable of making the IOR transparent, this is it. Unfortunately, as often happens with the paradoxes, the injustices of history, a more transparent management is the one who has problems."

The only Vatican bank office is located here in the tower of Niccolò V. It has 130 employees and 44 000 current accounts. Its interest rates range from 4 and 12%, and there’s no tax. It’s financial assets are thought to amount to 5 billion euros. 

It’s a place surrounded by discretion. The most visible part of the IOR are its ATM machines whose on-screen instructions are – naturally – in Latin. 


JMB 
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