VATICAN CITY
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By Christina Lavingia

In recent years, the Institute for the Works of Religion (IOR), often referred to as the Vatican Bank, has come under scrutiny for its lack of transparency and use of funds. With a history of accusations tying the Vatican Bank to everything from money-laundering to connections with the Mafia to, most recently, the funneling of tens of millions of dollars toward legal settlements surrounding priest sex-abuse scandals, many are calling for the Vatican Bank to be more upfront about where its money comes from — and goes.

Recent Years of Controversy for the Vatican Bank

According to CNBC, in 2010, the Italian government began investigating the Vatican Bank after the Bank of Italy notified the authorities about two transactions it made totaling $30 million, from Credito Artigianato to JPMorgan Chase and Banca del Fucino. The Vatican violated Italian law by not…