VATICAN CITY
Religion News Service
Alessandro Speciale | May 7, 2013
VATICAN CITY (RNS) In a bid to improve its checkered record on financial transparency, the Vatican on Tuesday (May 7) signed a cooperation agreement with the U.S. agency that fights against financial crimes.
The Vatican’s Institute for the Works of Religion, known as the Vatican Bank, has a long history of secrecy and scandals, and it has reportedly been involved in several shady operations during the course of its history. In recent years, top bank officials have been put under investigation by Italian magistrates for alleged money laundering.
For decades, the Vatican Bank operated outside of international oversight, thanks to the Holy See’s status as an independent state.
Facing increasing international scrutiny, the Vatican set up an independent financial watchdog, the Financial Intelligence Authority, in April 2011 as part of its effort to bring its financial practices in line with international standards.
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