Change at the Vatican Bank

It may not be due to Pope Francis but there is a major shift taking place in the Vatican Bank, which has had a checkered history.  The bank has been accused of Sicilian mafia money laundering, stock market manipulation and illegal transactions worth billions being funneled through the bank. It was involved in Italy's largest bank collapse.  In the 1990s the bank was accused of passing along bribes to government members.

Finally, outside auditors were called in, primarily to verify that the bank was living up to its basic purpose: providing a home for funds belonging to members of the clergy and religious orders.  The auditors found over 1,000 accounts that had no connection to the church.  These were not small depositors; they held $407,000,000.  Perhaps these depositors appreciated that no taxes needed to be paid and the Vatican is quite protective of its depositors when government agents come around.

Apparently, the bank is now run a lot like it was intended to.  The bank published its first annual report this month.