The Most Secretive Bank in the World -- Guess Where It's Located

Photo ~ Those chalices don't pay for themselves. (REUTERS)

For the first time in its 125-year history, the Institute for Religious Works (IOR), also known as the Vatican Bank, has published an annual earnings report, part of an ongoing push to rehabilitate the bank's shady reputation.

The 100-page report, published on the bank's website, "seeks to contribute to the transparency which the Catholic Church, our customers, our correspondent banks, our authorities, and the public rightfully expect," said IOR President Ernst Von Freyberg in a letter.

The report represents a turnaround for the bank, which just last year Forbes called "the most secret bank in the world." Over the years, the IOR has been accused of much illicit behavior, including money laundering, financing terrorism, and turning a blind eye to non-religious businessmen who opened accounts for purposes of tax evasion.

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