What is the Vatican Bank?

The Vatican Bank, better known as the Institute for Religious works, is a financial institution based in the Vatican, which processes the funds used for charity and religious works. The Executive Director manages the daily operations of the bank, including investment decisions and the payment of funds, with the help of the Supervisory Board. This organization reports to the Commission for Cardinals in the Roman Catholic Church and directly to the Pope. This organization is not part of the formal hierarchy of the Roman Catholic Church, and therefore has some degree of autonomy in terms of how it takes decisions and processes its means. Although it has to be reported to the Pope and a group of cardinals, it has a significant width for investment and the provision of funds for the various efforts of the Church. Having a institution reserved specifically for religious and charity operations allows the Vatican to use donor funds and income from the Church as effectively as possible. A number of charity organizations operated by churches receive their funding directly from VaticaNEK BANKS. It works separately from other economic organizations in the Church and assets on the deposit are not the property of the Holy See.

Vatican regularly publishes information about the activities of this institution in an annual report, which includes a wide range of other activities in the Church, including other economic activities. It publicly presents members of the Supervisory Committee and provides additional basic information on the structure and functions of the organization. People who are not associated with the Church cannot use this bank as a depository and may have difficulty with the Bank's accessories if they are inquiries or concerns about funds or other assets held by the Vatican Bank.

This organization experienced a scandal. The Vatican is his own nation and is not subject to Italian law, although it is located in the city of Rome. He is also not a member of the European Union and therefore does not have to be followed by banking standards set by regulation agencies. CourtsAgainst the Vatican Bank, they claimed to have been used as a repository for poorly obtained profits from World War II. The bank was also investigated several times for money laundering fees.