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Pope Approves Reforms for Scandal-Plagued Vatican Bank

posted on April 9, 2014

Josephine McKenna of Religion News Service reports, “Pope Francis has approved a new direction for the scandal-ridden Vatican bank as it seeks to improve transparency and compliance with international guidelines.” The bank has long been plagued by accusations of money laundering and links to the mafia, but the new statement ended speculation that Francis may shut down the bank if the reforms failed to meet international standards on accountability. “The IOR will continue to serve with prudence and provide specialized financial services to the Catholic Church worldwide,” the Vatican said in a statement.

Read at Religion News Service