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Francis renews mandate for Vatican bank oversight committee

Pope working to reshape image of troubled IOR

15 January, 13:01
Francis renews mandate for Vatican bank oversight committee (ANSA) - Vatican City, January 15 - Pope Francis has renewed the mandate of the Vatican bank's oversight committee "for the next five years," the Vatican said Wednesday. The five cardinals in question are Christoph Schoenborn, archbishop of Vienna; Thomas Christopher Collins, archbishop of Toronto; Jean-Louis Tauran, president of the Pontifical Council for Interfaith Dialogue; Santos Abril y Castelló, archpriest of the papal basilica of Saint Mary Major in Rome; and newly instated Secretary of State Pietro Parolin, who will be elevated to cardinal at a consistory on February 22.

The Vatican bank, officially known as the Institute for Works of Religion (IOR), has come under scrutiny for alleged money laundering and is now working with the Council of Europe's Moneyval agency to bring it in line with international standards.

Vatican administrators have made significant progress, according the monitoring group of financial experts.

In a December report it said that it approved of the efforts made by the Vatican to bolster financial transparency within its institutions.

But it added that more work must be done.

Francis has not ruled out eventually getting rid of the Vatican bank altogether if reforms fail.