Pope Francis has approved new statutes for the Vatican Bank, making an external ...
VATICAN CITY - Pope Francis has approved new statutes for the Vatican Bank, making an external audit obligatory and introducing other changes to bolster reforms that have turned around the once scandal-ridden institution.
The bank had been caught in previous years in cases of corruption, tax evasion, embezzlement, money laundering and real estate fraud, some involving top officials and prelates, damaging the Vatican’s ethical credentials. The new statutes make an external audit mandatory. While this has taken place in the past few years, the previous statutes, issued in 1990 by Pope John Paul, called for internal audits.
For decades before reforms were implemented, the IOR was embroiled in numerous financial scandals as people with no right to have accounts opened them and used them for illicit purposes with the complicity of corrupt insiders.
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