Posts Tagged ‘Vatican bank’

Pope Francis and his cardinals: not the same hymn sheet Comments 0

Tuesday, July 22nd, 2014

It was possibly a watershed moment in Holy See media relations. The scene was the Sala Stampa of the Holy See some 10 days ago. Australian Cardinal George Pell was presenting the New Economic Framework for the Holy See, a document which outlines proposed major reforms not only to IOR (the Vatican bank) and to Read more

Vatican bank has new president as net profit plunges Comments 0

Friday, July 11th, 2014
George Pell finance resized

A new president has been announced for the scandal-plagued Vatican bank, as it was revealed that the institution’s 2013 net profit had plunged. Some 3000 accounts have been also purged from the bank in the last year, with almost 400 not meeting stricter client criteria, requiring a close link with the Church. French financier Jean-Baptiste Read more

Pope Francis sacks board of Vatican financial watchdog Comments 0

Tuesday, June 10th, 2014

Pope Francis has replaced five board members of the Vatican’s financial watchdog in his latest attempt to rehabilitate the troubled Vatican bank. The former board members of the Financial Information Authority still had two years to go before they were due to step down. The change comes after reports of clashes between board members and Read more

Former Vatican secretary of state in funds handling probe Comments 0

Friday, May 23rd, 2014
Cardinal Bertone bild resized

Former Vatican secretary of state Cardinal Tarcisio Bertone is reportedly being investigated over handling of funds from Vatican accounts. According to German tabloid Bild Zeitung, approval was given for 15 million euros to be transferred from the Vatican bank to an Italian television production company, later identified as Lux Vide. The company is owned by Read more

Australia’s Pell to fix Vatican’s economy Comments 2

Tuesday, February 25th, 2014

Pope Francis, Monday, started to reform the Vatican’s scandal-plagued financial system by announcing a new Secretariat for the Economy. The secretariat, a new co-ordination structure for economic and administrative affairs of the Holy See and Vatican, will be headed by Sydney’s Cardinal George Pell. Cardinal Pell will have authority over all economic and administrative activities with Read more

“Mum’s the word” as Pope and cardinals meet for third time Comments 0

Friday, February 21st, 2014

A third meeting of Pope Francis with his international Council of eight cardinals has ended without specific details being made public. Among the items under consideration were financial matters and the reform of the Vatican bureaucracy, and, according to La Stampa, Vatican Spokesman, Fr Federico Lombardi told journalists, the Pope’s advisors, yesterday, presented their initial Read more

Finance watchdog approves Vatican reforms, urges bank oversight Comments 0

Friday, December 13th, 2013

The Vatican has made significant progress in financial reforms but still risks being used for money laundering unless it strengthens controls, a European watchdog said on Thursday. The 30-page report by Moneyval, a monitoring committee of the Council of Europe, is expected to add impetus to Pope Francis’s efforts to clean up the Vatican’s finances Read more

Vatican Bank finds over 100 suspicious transactions Comments 0

Friday, December 13th, 2013

The Vatican Bank has unearthed more than 100 suspicious payments this year after starting full-scale checks on its customers for the first time to crack down on money laundering, up from six last year, said an official knowledgeable about the cleanup effort. The Los Angeles Times quoted a bank official who requested anonymity because he Read more

Vatican Bank risks blacklist for weak money laundering controls Comments 0

Tuesday, December 10th, 2013

The Vatican Bank can be blacklisted by the international finance community after investigators found poor anti-money laundering controls in place. The bank is being probed by Moneyval, the Council of Europe’s watchdog which monitors standards in finance. If the watchdog rules against the Institute for the Works of Religion, as the Vatican Bank is formally Read more

Vatican Bank names new director general Comments 0

Tuesday, December 3rd, 2013

The Vatican bank named Rolando Marranci, a consultant brought in earlier this year to help oversee compliance, as director general as the troubled financial institution tries to transform itself after being hit by scandal. Rolando Marranci had worked for Promontory Financial Group advising the Institute for Religious Works on cleaning up its accounts when he Read more