On Saturday, the 10th of August 2019, the Vatican Bank had witnessed a swath of new regulatory changes yielded by Pope Francis, including a mandatory external audit alongside other changes in the statutes aimed at turning around the once scandal-sickened financial institution into profitability.
Nonetheless, the Vatican Bank or the institute for the works of religion, a privately held financial entity inside the Vatican City, run by a board of superintendence who report directly to Pope alongside a supervisory commission of Cardinals, was mired in multiple act of regulatory violation including tax evasion, corruption, embezzlement, money laundering alongside real estate frauds, which involved some of the top-ranked officials of Vatican bank, melting down its image alongside ethical credentials.
In point of fact, after Pope Francis had been elected back in 2013, he took an overhaul of the Vatican Bank, which shattered much of its impression by then, as a personal vendetta and made the restructuring as one of his key priorities.
As an aftermath, followed by six years of tentative discussions and concealed boardroom meetings, the Vatican had approved the statutes for the privately held financial entity, “The Institute for the Works of Religion,” shortly dubbed as the Vatican Bank, in a papal document on Saturday (August 10th).
Meanwhile, expressing a through-and-through optimism over the latest statutes, the Vatican’s editorial director, Andrea Tornielli had been quoted saying on Friday (August 10th), “(New rules) are an important step in the process of adhering to the best international standards. ”