Pope approves reforms for scandal-plagued Vatican bank

[hrmjustin]

Josephine McKenna

VATICAN CITY (RNS) Pope Francis has approved a new direction for the scandal-ridden Vatican bank as it seeks to improve transparency and compliance with international guidelines, the Vatican said Monday (April 7).

The bank, known as the Institute for Religious Works, was founded in 1942 to manage funds for Roman Catholic institutions, Vatican employees and clergy but has been plagued by allegations of money laundering and Mafia links for decades.

http://www.religionnews.com/2014/04/07/pope-approves-reforms-scandal-plagued-vatican-bank/

[goldent]

1. There is no excuse for lack of transparency at this bank

I have confidence that Pope Francis will not accept excuses.

Compared to the many issue in the RCC, this should be an easy one.

[hrmjustin]

2. I agree. I think the pope is going to deal properly with this.

[Fortinbras Armstrong]

3. It should have been cleaned up decades ago

Certainly after the Banco Ambrosiano mess in the early 1980s.

While it was going on, and then-head of the ICR Paul Marcinkus was hiding out at the Vatican to avoid questions from the Italian banking authorities, the President of Italy came to the Vatican for a three-hour conversation with Pope John Paul II. A Vatican spokesman said that the banking scandal was never mentioned. I remember thinking at the time "how stupid do they think we are?"