<<<The Pope's stance on tax havens is part of a growing trend. President-elect Barack Obama has vowed to close loopholes that see US citizens avoid an estimated $100bn in taxes each year. And last month Alistair Darling announced a fundamental review of 'offshore centres' under UK jurisdiction.

Intriguingly, the Vatican Bank, officially known as the Institute for the Works of Religion, is one of few financial institutions to have emerged unscathed from the global bank crisis. Its president, Angelo Caloia, claimed in October that it has 'no uncollectible losses' and steered clear of some of the more arcane financial instruments, such as credit default swaps, that have helped to bring about t...

<<<The Pope's stance on tax havens is part of a growing trend. President-elect Barack Obama has vowed to close loopholes that see US citizens avoid an estimated $100bn in taxes each year. And last month Alistair Darling announced a fundamental review of 'offshore centres' under UK jurisdiction.

Intriguingly, the Vatican Bank, officially known as the Institute for the Works of Religion, is one of few financial institutions to have emerged unscathed from the global bank crisis. Its president, Angelo Caloia, claimed in October that it has 'no uncollectible losses' and steered clear of some of the more arcane financial instruments, such as credit default swaps, that have helped to bring about the destruction of the banking system. It is understood that 80 per cent of Vatican investments are in safe government bonds, with 20 per cent in shares>>> (from article)