section_path: Papacy (2013–2025)/Institute for the Works of Religion
section_name: Institute for the Works of Religion
paragraph_text: Institute for the Works of Religion
  
  In the first months of Francis's papacy, the Institute for the Works of Religion, informally known as the Vatican Bank, said that it would become more transparent in its financial dealings. There had long been allegations of corruption and money laundering connected with the bank. Francis appointed a commission to advise him about reform of the Bank, and the finance consulting firm Promontory Financial Group was assigned to carry out a comprehensive investigation of all customer contacts. In January 2014, Francis replaced four of the five cardinal overseers of the Vatican Bank who had been confirmed in their positions in the final days of Benedict XVI's papacy. Lay experts and clerics were looking into how the bank was run. Ernst von Freyberg was put in charge. Moneyval felt more reform was needed, and Francis showed some willingness to close the bank if the reforms proved too difficult. There was uncertainty about how far reforms could succeed.