The Vatican Bank, a centre of scandals for decades, is to launch its own website and publish its annual report in an effort to increase transparency, its new president said yesterday.

Ernst von Freyberg told the bank’s employees of the changes, which should be in place by the end of the year, according to Vatican Radio.

He also said the bank, formally known as the Institute for Works of Religion (IOR) and dubbed the world’s most secretive bank by Forbes magazine, had also hired an auditing firm to make sure it meets international standards against money laundering.

Vatican Radio did not name of the firm.

Freyberg was appointed in February to take the place of Ettore Gotti Tedeschi who was fired last May.

Gotti Tedeschi said he was dismissed because he wanted more transparency but the board, made up of international financial experts, said he had neglected basic management responsibilities and alienated staff.

His abrupt departure, along with the arrest of Pope Benedict’s butler for stealing confidential papal documents, came during a leaks scandal that shook the Vatican last year and contributed to Pope Benedict’s decision to resign.

In July, a European anti-money laundering committee said the Vatican Bank failed to meet all its standards on fighting money laundering, tax evasion and other financial crimes. (Reuters)

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