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New Pope to Face Old Task in Improving Vatican Bank’s Reputation

By Bennett Voyles

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. While the bank, formally the Instituto per le Opere di Religione (IOR), is not new to financial scandals, police investigations and embarrassing disclosures in recent years, along with governmental prodding, have prompted calls for greater transparency. Prior to his unexpected abdication in February, Pope Benedict XVI approved steps to improve Vatican Bank's anti-money laundering (AML) controls. In July, the Council of Europe's Moneyval said in a mutual evaluation...

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