The Money-Laundering Vatican Bank Comes Clean
After multiple accusations of dirty dealing and major international pressure, the Institute for Works of Religion is cracking down on some of its sleazier clients.
VATICAN CITY — In a small room on an upper floor of the Vatican’s only bank, dozens of auditors pore over accounts looking for potentially sinister activity. The bank, known as the IOR or Institute for Works of Religion, is, perhaps fittingly, housed in a medieval tower that once was used as a Vatican prison. It is undergoing a tedious reinvention of sorts, trying to clean up its act after decades of scandals. Rooting out clients who have used the bank’s lackadaisical standards is an essential step in its reincarnation as a trustworthy financial institution.
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