VATICAN CITY
Headlines from the Catholic World
January 10, 2014 By CNA Daily News
Vatican City, Jan 10, 2014 / 02:07 am (CNA).- Pope Francis could be considering a reshuffle of the cardinals commission of the Institute for Religious Works, the so-called “Vatican bank,” also known by the Italian acronym of IOR.
Changes to the cardinals commission could be made as soon as a separate pontifical commission delivers the conclusions of its recent analysis of the Institute for Religious Works the to the Pope.
Last year, Pope Francis charged the pontifical commission with drawing up an “exhaustive” report into the juridical standing and activities of the Vatican’s financial institution.
The pontifical commission – issued via a chirograph with immediate effect on June 24 – is chaired by Cardinal Raffaele Farina and is composed of five people.
The IOR is a sort of central body of the Holy See whose profits are at the Pope’s disposal. Its purpose is to provide for the protection and administration of moveable and immovable assets transferred or entrusted to the institute and destined for religious works or charity. Financial transparency and successful cooperation with Europe’s anti-money-laundering agency Moneyval has continued to remain a priority for the institution in recent years.
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