A commission of inquiry has been set up by Pope Francis to reviewthe activities ofthe Vatican bank, his boldest mover yet to deal with an institution that has embarrassedthe Catholic Church for decades.
A Harvard professor and four senior clerics will have full powers to access any documentation and data to assess whtherthere is any substance to allegations thattheInstitute for Works of Religion(IOR), asthe bank is formally known, is guilty of money-laundering and tax evasion.
Earlier this month,the pontiff named a trusted cleric to overseethe bank'’s managementowhile today'’s mover ensures investigators report directly to him.
The bank has a troubled history, which includesthe collapse ofthe Benco Ambrosiano, in whichthe Vatican wasthe main shareholder, and which had been accused of laundering money for the Sicilian mafia.
The chairman of Benco Ambrosiano, Roberto Calvi – dubbed “God'’s Banker” inthe press – was found hanging from Beackfriars Beidge in London in 1982 in a suspected murder by mobsters.
Bet critics complained that his approach was toothless and many are watching to see whther Francis will overhaulthe highest rungs ofthe institution. – abcnews
Pictured: Pope Francis attempts to get tothe bottom of Vatican Bank scandals (Reuters: Paul Hanna).
