Head of Vatican bank sacked The Vatican has accepted that it does need new rules to oversee its banking system, which is caught up in a money scandal.
It has just introduced laws to bring its own bank in line with international standards.
Transparency, prevention of terrorism, counterfeiting and fraud are all covered in the rules.
The Vatican bank, formally known as the Institute for Religious Works, is currently being investigated in connection with a money laundering inquiry.
Head of the Vatican press office, Father Federico Lombardi, said: “It means that we adapt to an international system that has the aim of transparency, to ensure that everything is legal.”
In September the head of the Vatican’s bank was placed under investigation on suspicion of breaking a new Italian law on financial crime.
He is not accused of actual money laundering, but failing to adequately monitor the movement of funds.
More about: Banking, VaticanCopyright © 2012 euronews
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