The Bank Of Religious Affairs (Italian: Istituto Per Le Opere Di Religione), Also Known As The Vatican Bank, Is A Private Bank Located In The Vatican. It Is Not Open To The Public And Is Only Responsible For Managing The Financial Assets Of The Vatican. This Bank Was Established By Pope Pius XII In 1942.
After Pope Francis Took Office In 2013, He Began To Reform The Vatican Bank. New Regulations Were Issued To Make The Bank Structure More Transparent And In Line With International Standards By Working With Lay People With Experience In Banking And Establishing A Layman-dominated Supervision Bureau.
Controversies
Although This Bank Specializes In Dealing With The Assets Of The Holy See, It Has Been Involved In Economic Crimes Such As Money Laundering On Many Occasions. Among Them, Cardinal Marcincus, Who Was The Chairperson Of The Bank At The Time, Was Suspected Of Improper Dealings With The Top Management Of The Italian Bank Ambiente In 1982, Which Led To The Collapse Of Ambiente Bank. In 2010, The President Of The Bank, Tedeschi, Was Suspected Of Conducting Improper Banking Transactions And Transferring Funds To Chase Bank Of The United States And The Italian Bank Fucino. To This End, The Holy See Reformed The Law In 2011 To Prevent Money Laundering.
