Pope Francis set up a commission on Wednesday that will put the Vatican bank's movements under the microscope, reviewing an institution that has been riddled with scandal for years.
The Pontiff told the Wall Street Journal that the commission's projected goal will be to let people know exactly what the bank's legislative structure consists of, in addition to more transparency concerning its activities.
Commissioners include four priests and a female law professor from Harvard University. All members of the group must work to "allow for a better harmonization with the mission of the universal church," the Vatican told Market Watch on Wednesday.
The bank, known as the Institute for Works of Religion (IOR) was first instated to keep an eye on the financial dealings of the church's charitable efforts.
Now, IOR is in the throes of working to put in overhauls that will throw the curtain back on decades of hidden monetary movements. Many international regulators, Market Watch reported, have been shocked by IOR's money laundering and scandalous dealings. Watchdogs have tried cajoling the bank to work harder on compliance with anti-fee evasion rules.
In its daily message, the Vatican said Wednesday that the group of priests and a professor will start working immediately, and will report back to The Pope.
Pope Francis said that keeping in good faith with the public is now a key priority-that includes staying true on the Roman Catholic church's finances.
For the past two years, Italian prosecutors have been conducting an investigation on whether or not the Vatican bank breached Italian money-laundering laws.
The Vatican denies these allegations, saying they stayed on a path of truth concerning the matter.
Pope Francis recently condemned the exploitation of child labor, calling it a "culture of waste" in the world of "consumerism."
