ITALY
Reuters

By Pierre Briançon

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

The failure of the Vatican bank to comply with the basic rule of the Sacrament of Penance is odd. The Holy See’s financial arm has been seeking absolution for past sins for two years, but remains reluctant to confess to what it did wrong. Of all institutions, it should understand that one cannot go without the other.

According to Italian newspapers, JPMorgan Chase is closing the account of the bank formerly known as Istituto per le Opere di Religione (IOR) because of concerns about a lack of transparency. The move comes a few weeks after the U.S. State Department added the Vatican to the list of countries it considers vulnerable to money laundering.

JPMorgan’s move is no administrative tidying-up: some 1.5 billion euros is reported to have passed through the account…