Cleaned-Up Vatican Bank Works to Justify Its Existence

VATICAN CITY—The extended scandal-tainted Vatican lender has been overhauled around the final ten years to ward off tax evaders and funds launderers. Now it must convince genuine shoppers, inside the Vatican and out, that it has a thing to provide them.

This month, the lender attained the latest milestone in its extended march to respectability, when the European anti-funds-laundering watchdog Moneyval gave it a largely favorable evaluation, a much cry from its essential initial evaluation in 2012. Moneyval said “all of the required elements are in place” now to protect against funds laundering at the lender.

In January, a previous president of the lender and two associates had been convicted in a Vatican court of embezzlement and funds laundering in link with a scheme in which they manipulated sales of the bank’s serious-estate assets for their possess financial gain.

Jean-Baptiste de Franssu, president of the Vatican lender, claimed the establishment

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