Vatican Bank

In fulfilling this noble task which the holy father has entrusted to the ior the institute ensures high quality for the products and services provided guaranteeing in its work full compliance with internal and international standards.

Vatican bank. The bank of italy launched an investigation into the vatican s finances in 2010 and found that the city state was moving billions of euros between global commercial banks every year. The institute for works of religion ior commonly referred to as the vatican bank is a privately held financial institution located inside vatican city. Among the many challenges confronting pope francis as he assumed the papacy was the issue of the vatican bank.

Francis could have taken the decisive step of closing the institutes for the works of. Banco ambrosiano was an italian bank that collapsed in 1982. The vatican bank the vatican bank is also known as the institute for the works of religion.

Founded in 1942. In 2013 pope francis set up an expert committee to recommend reforms to the economic and administrative structures of the holy see to. The ior therefore continues its journey as an instrument of the new financial and administrative architecture of the holy see and the vatican city state.

At the centre of the bank s failure was its chairman roberto calvi and his membership in the illegal former masonic lodge propaganda due aka p2. Only church institutions dioceses diplomats and vatican employees pensioners are allowed to open accounts in the bank which you d think would make it the most moral bank in the world. Cipriani was a former vatican bank director and tulliof was cipriani s former deputy.

The vatican bank istituto per le opere di religione ior banca vaticana was founded on june 27 1942 by pope pius xii and is located inside the vatican city. This is a private institute which is located within vatican city and it is run by an advisory board who gives report directly to the pope and a committee of cardinals. The vatican bank has long been plagued by financial scandals.

A financial scandal swirling around the vatican has taken a new twist with the arrest of a woman linked to a cardinal fired by pope francis. They were however acquitted of a more serious money laundering charge which involved 60 million in transfers 57 and were sentenced to four months and ten days in prison. Italian police arrested cecilia marogna in milan late.