VATICAN CITY
Gazzetta del Sud
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.
Note: This is an Abuse Tracker excerpt. Click the title to view the full text of the original article. If the original article is no longer available, see our News Archive.