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abujagirl
Guest
Pope Francis on Monday decided to keep the Vatican Bank open and agreed to proposals for the reform of the scandal-ridden institute.
The bank, formally known as the Institute for the Works of Religion (IOR), has been repeatedly involved in money laundering scandals and there had been speculation that the Pope might shut it down.
A statement issued by the Vatican confirmed that the IOR would continue to serve with prudence and provide specialised financial services to the Catholic Church worldwide.
The statement said that Pope had approved a proposal on reforms for IOR, stressing that the bank must comply with papal directives issued in 2013 on transparency, supervision and financial information.
The bank, formally known as the Institute for the Works of Religion (IOR), has been repeatedly involved in money laundering scandals and there had been speculation that the Pope might shut it down.
A statement issued by the Vatican confirmed that the IOR would continue to serve with prudence and provide specialised financial services to the Catholic Church worldwide.
The statement said that Pope had approved a proposal on reforms for IOR, stressing that the bank must comply with papal directives issued in 2013 on transparency, supervision and financial information.
