VATICAN CITY
Economia
12 December 2013
Today the Council of Europe has released its second evaluation of the Holy See and its private bank, the Institute for the Works of Religion (IOR). Conducted by Moneyval, the Council of Europe’s monitoring arm in anti-money laundering and countering of financial terrorism, it analyses whether anything has changed since last year’s report, which concluded: “Further important measures still need addressing in order to demonstrate that a fully-effective regime has been instituted, particularly in respect of supervision of the financial institutions”
On the day of its publication, Laura Powell interviews Nigel Baker OBE, British Ambassador to the Holy See since 2011, about what the IOR is doing to address issues of transparency. And whether the IOR needs to become more transparent still – and far more rigorously scrutinised.
How has the reputation and public perception of the Vatican Bank changed since you were appointed as Ambassador to the Holy See in 2011?
“It was a standing joke that whenever a journalist wrote an article about the IOR, it had to include a mention of Banca Ambrosiana and Roberto Calvi under Blackfriars Bridge*. Yet that scandal happened over 30 years ago. There was a sense amongst commentators and others that the Holy See had in the past only paid lip service to the need to change its financial structures. Now, articles about the IOR tend to focus on the process of reform, increasing transparency, and efforts to modernise. Such a process will inevitably cast light into some dark corners. However, even basic steps like publishing better accounts and opening the IOR to outside scrutiny is, in my opinion, gradually changing the organisation’s image for the better.”
*Roberto Calvi, former chairman of Banca Ambrosiana, was found hanged under Blackfriars Bridge, shortly after the bank’s collapse, in a Mafia-associated murder thinly-veiled as suicide. Calvi was nicknamed God’s Banker for his close ties with the Vatican.
The IOR was nicknamed the world’s most secretive bank, by Forbes magazine in 2012. How has it addressed concerns about secrecy and transparency?
“Holy See authorities have made steady progress in opening Vatican financial management up to greater outside scrutiny, in particular through the Moneyval process, focusing on compliance with international money laundering and terrorism financing rules. Its official regulator, the Financial Information Authority has been strengthened through a series of modifications to its working practices and regulations; outside experts have been brought in to scrutinise the IOR and APSA; and staff have been changed. There is a clear direction of travel towards greater openness and professionalism, instituted under Benedict XVI and driven forward by Pope Francis. This is unprecedented.”
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.