Annual Report 2012 Ernst von Freyberg Presidente del Consiglio di Sovrintendenza dello IOR e Direttore Generale ad interim IOR - Istituto per le Opere di Religione Cortile Sisto V 00120 Città del Vaticano Stato della Città del Vaticano
[email protected] IOR - Annual Report 2012 1. Introduction by the Cardinals’ Commission 04 2. Introduction by the Prelate 05 3. Introduction by the President 06 4. Mission, services, and customers 08 5. 2012 – Review 11 6. Review and Outlook 2013 16 7. Corporate Governance 20 8. Regulatory Framework 22 9. Report of the Cardinals’ Commission 24 10. Report of the Board of Superintendence 24 11. Report of the Board of Auditors 25 12. Financial Statements 27 13. Independent Auditors’ Report 97 IOR - Annual Report 2012 1. Introduction by the Cardinals’ Commission 04 Cardinal Tarcisio Bertone Cardinal Telesphore Cardinal Odilo Pedro Placidus Toppo Scherer Cardinal Jean-Louis Tauran Cardinal Domenico Calcagno “The Cardinals’ Commission welcomes the publication of the first Annual Report of the Istituto per le Opere di Religione (IOR). Since the first Vatican City State law on anti-money laundering (AML) came into force on 1 April 2011, the IOR has embarked on a course of reform, of which transparency is a key element. The reform process led to the appointment of the Pontifical Commission by the Holy Father on 24 June 2013, and will result in giving the IOR a new direction, as was done in 1942 and in 1990. It is important to remember that the IOR’s reason for existing is to serve the Catholic Church, in particular its works of charity and its missionary activities, by safeguarding assets and providing payment services.