VATICAN CITY
Christian Science Monitor
By Nick Squires, Correspondent / October 11, 2013
Its entrance is watched over by pantaloon-wearing soldiers from the Swiss Guard, its cash-dispensing machines give instructions in Latin, and its headquarters are in a 15th-century tower that was once used as a papal prison.
But seven months into the papacy of Pope Francis, it is clear that the imposing stone walls of the Tower of Pope Nicholas V are no match for the South American pontiff’s determination to clear up the Vatican bank’s finances after years of scandal and allegations of impropriety.
The pope, who has criticized the iniquities of the international banking system since he was selected in March, has embarked on a campaign to dramatically improve the transparency and accountability of an institution that Forbes last year called “The Most Secret Bank in the World.” The bank manages funds and accounts held by the Holy See, as well as Catholic charities and orders around the world, and individual cardinals, priests, and nuns.
The latest initiative came this week, when the Vatican passed a new law designed to improve financial transparency, enhance cooperation with other countries and law enforcement agencies, and prevent money laundering and tax evasion.
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