17 May 2013

Vatican bank to publish annual report

5:58 am on 17 May 2013

The Vatican bank is to publish its annual report for the first time.

The Institute for Works of Religion, which has been at the centre of various financial scandals in recent years, is to hire an external accountancy firm to ensure it meets international standards against money laundering.

New president Ernst Freyberg said the bank would launch a website and publish its annual report in an effort to increase transparency.

The BBC reports the institute is considered one of the world's most secretive banks.