UNITED STATES
National Catholic Reporter
NCR Editorial Staff | Jul. 16, 2013
EDITORIAL
The Vatican bank, officially known as the Institute for the Works of Religion, is scandal-plagued and has been for years. Pope Benedict XVI took important steps in bringing reform to the bank, not the least of which was insisting that the Vatican follow the international standards set by Moneyval, the European anti-money-laundering agency. Moneyval reviewed Vatican financial procedures last year and will return in 2014 to see if the mandated improvements have been made. For example, Moneyval insisted the Vatican establish an independent Financial Information Authority with the power to investigate suspicious transactions. This agency is headed by René Brülhart, a highly respected Swiss lawyer and expert in the field who in May revealed more than a dozen suspicious activities since 2011. That is real progress.
At the time of his election, Pope Francis received a clear mandate from the College of Cardinals to move the reform ahead faster and further. Francis has said he wants “to allow Gospel principles to permeate [the church’s] economic and financial activities, too.”
We applaud these efforts and encourage a thorough examination of the Vatican bank’s processes and practices.
The resignations of a director and deputy director of the Vatican bank and the arrest of Msgr. Nunzio Scarano underscore the importance of a speedy, efficient housecleaning. But obstacles may impede this cleaning.
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