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Santos Abril named head of cardinals group in Vatican Bank

Commission of cardinals choose leader for oversight body

04 March, 14:43
Santos Abril named head of cardinals group in Vatican Bank

(ANSA) - Vatican City, March 4 - Members of the investigative Commission of Cardinals studying reforms of the Vatican Bank on Tuesday appointed Cardinal Santos Abril y Castello as group president.

The commission members, appointed by the pope for five years, meet at least twice per year to approve business processes and strategies at the Vatican Bank, officially known as the Institute for Works of Religion (IOR).

The present commission was appointed in January by Pope Francis in what was seen as a radical reshuffling of appointments originally made by his predecessor Benedict XVI.

The new committee consists of Santos Abril, archpriest of the papal basilica of Saint Mary Major in Rome; Christoph Schoenborn, archbishop of Vienna; Thomas Christopher Collins, archbishop of Toronto; Jean-Louis Tauran, president of the Pontifical Council for Interfaith Dialogue; and Secretary of State Pietro Parolin.

The Vatican bank 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.

Restoring the IOR's image has been a central priority since Francis' election.