They are analysing about 1500 accounts a month, scrutinising the client's identity, and hunting for any suspicious financial activities. Photo / AP
Investigators in Rome are combing through the 19,000 accounts held by the Vatican's bank in search of money laundering and other crimes, in a long-delayed attempt to clean up the institution's tarnished reputation.
The campaign to bring more transparency to the bank, started under Benedict XVI, has dramatically picked up
momentum under his successor, Pope Francis, since his election in March.
The review is being orchestrated by a German banker, with forensic accounting experts from Promontory Financial Group, a risk management and regulatory compliance consulting firm.
They are analysing about 1500 accounts a month, scrutinising the client's identity, and hunting for any suspicious financial activities.
"Our work is to make the bank transparent," said Ernst von Freyberg, its new president. "The second important element is to clean up our accounts. We need to become compliant with international financial laws, including on money laundering. The Pope strongly endorses a Vatican bank that serves the Church and no one else."
