The Vatican’s new financial watchdog has published the first annual report from its newly formed financial agency revealing that it has detected six possible attempts to use the Holy See to launder money in 2012, citing this as "proof" of it’s commitment to transparency.

According to the head of the Vatican’s Financial Intelligence Authority (FIA), it will soon have stronger supervisory powers over the Vatican’s scandal-plagued bank, the Institute for Works of Religion (IOR), dubbed the ‘world’s most secretive’ bank by Forbes magazine.

The Vatican is aiming to meet international standards to combat money laundering and tax evasion, but the European anti-money laundering committee, Moneyval, said in July 2012, that the IOR still had some way to go.

Rene Bruelhart, Swiss lawyer and anti-laundering expert who heads the FIA, said that of the six suspected cases of money laundering handled by his office in 2012, two were considered serious enough to be passed on to the Vatican’s prosecutor.

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