Vatican bank opens its doors to demonstrate Anti-money Laundering efforts

One of the most secretive institutions in the secrecy-obsessed Vatican, the Vatican bank, opened its doors to journalists in order to show that it is serious about fighting money-laundering and being more financially transparent.

During a 3-hour PowerPoint presentation, the director of the Vatican bank Paolo Cipriani outlined the peculiar nature of the Institute for Religious Works, the bank’s official name, and sought to refute media allegations that it has been not enough cooperative with requests for financial information from Italian authorities.

On March 7, 2012, International Narcotics Control Strategy Report was published where Washington’s list of 190 countries was revealed. The list countries in 3 categories: of primary concern, of concern and monitored. The Vatican was included into the 2nd category, along with 67 other nations including Poland, Ireland, Hungary, Egypt and Chile. The Vatican was added to the list because it is vulnerable to money laundering.

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