VATICAN CITY
CBC News
The Associated Press Posted: Jul 08, 2014
The Vatican bank on Tuesday reported a big drop in profits as Pope Francis presses reforms to make the scandal-tainted institution more transparent.
The bank, formally called Institute for Religious Works, said its net profit in 2013 fell to 2.9 million euros ($4.2 million Cdn) from 86.6 million euros ($125.6 million) the previous year.
The income statement lists a loss of 14.4 million euros ($21 million) attributed to a `’donation” of securities to a Holy See foundation. It didn’t elaborate, but news reports have said a top Vatican cardinal had transferred some 15 million euros to an Italian film company considered close to the Vatican and that the transaction was under investigation.
The bank continues to close accounts that don’t meet tighter regulatory standards. The scrutiny reflects the bank’s aim to improve compliance with international banking standards, including those to discourage money laundering. So far it has blocked 1,239 individual client and 762 institutional client accounts. Of some 3,000 `’customer relationships” terminated, most were dormant accounts, but others didn’t fit the bank’s revamped focus.
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