Following a string of scandals that called into question the Vatican's financial oversight efforts and prompted regulatory reforms, the city-state's bank is again turning a net profit - $76 million, to be exact.
As Pope Francis nears the end of his first month as head of the Catholic Church, a distinctly administrative task is likely among his priorities: cleaning up the reputation of Vatican Bank.
For a territory with a population of 829, many of whom are sworn to poverty, chastity, and obedience, the Vatican has always had more than its fair share of financial intrigue. But now the 110-acre city-state, capital of the 1.2 billion-member Roman Catholic Church, is trying to reform.
A new Vatican anti-money laundering law and watchdog organization could do little to allay the concerns of European authorities about the city-state's secretive financial system, say analysts.
An Italian anti-money laundering probe into the Vatican's only bank may have all the elements for sensational headlines, but when it comes to bank secrecy troubles, the jurisdiction is not alone.
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