Vatican Bank Chief Declares House-Cleaning Underway

Gazzetta Del Sud
October 1, 2013

http://www.gazzettadelsud.it/news/english/63649/Vatican-bank-chief-declares-house-cleaning-underway.html


Rome, October 1 - The Vatican bank's chief said on Tuesday that the financial institution is engaged in deep house-cleaning in a note accompanying its first ever annual report. Reforms include anti-money laundering measures and shutting client accounts that aren't consistent with the bank's religious mission, said Ernst von Freyberg, president of the Vatican bank, known as the Institute for Religious Works (IOR). "The IOR is engaged in a process of comprehensive reform, to foster the most rigorous professional and compliance standards. These efforts are based on the legal framework set forth by the Vatican, in cooperation with international bodies," wrote von Freyberg. "This includes implementing strict anti-money laundering processes and improving our internal structures," von Freyberg continued. "We are conducting an extensive evaluation of all our clients' accounts, with the aim of closing down those relationships that are not in line with the IOR's mission," he added. IOR's mission, von Freyberg said, was "safeguarding the assets of institutions and individuals related to the Holy See and the Catholic Church, and providing them with payment services". "The IOR does not serve business customers," Freyberg noted.