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Pope Francis advances eight new causes of sainthood

January 23, 2017. On January 20, Pope Francis met with Cardinal Angelo Amato, the prefect for the Congregation for the Causes of Saints to announce the publication of decrees for the advancement of eight causes of sainthood.
Vatican

Holy See confirms investigation of Order of Malta

January 17, 2017. The Holy See has issued a statement Tuesday in response to "attempts by the Order of Malta to discredit” the new group established by the Vatican to conduct the investigation of why the Chancellor of the Order of Malta was asked to step down.
World

Pope sends condolences for victims of Turkish cargo jet crash

January 16, 2017. On Monday morning, a Turkish cargo plane has tragically crashed in Kyrgyzstan, killing dozens and hospitalizing many others. Many homes and vehicles in the small village are also destroyed. As a result, Vatican Secretary of State, Pietro Parolin has sent a message of condolences to the victims of the disaster on behalf of Pope Francis.
Vatican

Pope Francis to meet with Palestinian president on Saturday

January 11, 2017. Pope Francis will meet with Palestinian president, Mahmud Abbas on Saturday, January 14, at the Vatican to inaugurate the new Palestinian embassy to the Holy See.
Vatican

Former Director of the Vatican's school for diplomats, Justo Mullor dies

December 30, 2016. The smiling archbishop Justo Mullor died this morning in Rome, at the Pío XI Clinic. He was 84 years old.

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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