Transcript:

The two suspects were carrying fake bond certificates with a face value of some four trillion dollars, and were allegedly hoping to open a line of credit at the Vatican bank. This bank - called the Institute for Religious Works - runs thousands of private accounts held by cardinals, bishops and religious orders all over the world, as well as administering the Holy See's own local payroll.

It's been the subject of enquiries into alleged money laundering. The Vatican, a sovereign state, has been tightening up its international banking procedures after criticism by a European regulatory watchdog body that it's been used as an offshore fiscal haven by unauthorised individuals.

Pope Francis has ordered a complete overhaul of the bank and has set up a detailed enquiry into the transparency of its transactions. Last year the Vatican, for the first time, agreed to cooperate closely with Italian authorities trying to combat any fraudulent use of the bank.

Previously, the Vatican had claimed diplomatic immunity for Vatican bank officials. Pope Francis sacked two of its former directors - both Italians - who now face possible trial on money laundering charges in an Italian court.

Vocabulary:

bond certificates 債券證書

face value 面值

payroll 工資名單

money laundering 洗錢

tightening up 加強(qiáng)（管制）

watchdog body 監(jiān)管機(jī)構(gòu)

fiscal haven 財政安全港

transparency 透明度

fraudulent 欺騙性的

diplomatic immunity 外交豁免權(quán)
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