Rome

Pope sets up commission on Vatican Bank

'To harmonize IOR with the Church's mission'

Pope sets up commission on Vatican Bank

Rome, June 26 - Pope Francis has set up a pontifical commission on the Vatican Bank, the Vatican announced on Wednesday. The commission will start working "in the coming days" with the objective of briefing the pontiff on the bank's activities and making sure it operated in harmony with the "Church's mission". The Vatican Bank, officially known as the Institute for Religious Works (IOR), has come under scrutiny for alleged money laundering and is now working with the Council of Europe's Moneyval anti-money-laundering agency in a bid to make it into the international 'white list' of banking. Italian magistrates are currently investigating the bank on money-laundering charges. The Italian press has increasingly speculated on the fate of the scandal-plagued bank wondering whether the pontiff might reorganize or shut down IOR. The new panel will be chaired by Cardinal Raffaele Farina and include another three prelates and Harvard Law Professor Mary Ann Glendon, a former United States Ambassador to the Holy See.

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