December 29, 2010.
The Pope has
created the Vatican Central Bank to
monitor all financial transactions of the only bank in Vatican City,
the IOR, and international operations of financial institutions of
the Holy See. This is the most important measure of transparency in recent years, which will allow the Vatican to enter the so-called “white list” of countries that respect international standards on anti-money laundering.
Italian police are
currently investigating several suspicious
cases on the IOR,
which made two transfers without revealing
the names of the clients. The Vatican
claims it's a
misunderstanding and they have supplied the
information requested by the authorities.
The IOR, or the Institute for Works of
Religion, is a special type of bank,
because their customers are dioceses, religious orders and
departments and employees of the Holy See.
It was created so
there would be no outside speculation
with money from religious institutions and to save the cost of
Now the Vatican Central Bank will
be responsible for the full implementation of international
standards against financial fraud.
They will also
ensure that a sufficient amount
of Vatican euros are in circulation
and not just sitting in coin collections.