Pope to Set Up Commission to Audit Vatican Bank

Accusations of money-laundering

A commission of inquiry has been set up by Pope Francis to review the activities of the Vatican bank, following recent scandals.

Earlier this month, he named a trusted cleric to oversee the management of the bank, which is known officially as the Institute for Religious Works.

The institution, one of the world's most secretive banks, has been beset by allegations of money-laundering.

It has 114 employees and $7.1bn (£4.6bn; 5.4bn euros) of assets.