(Transcript from SBS World News Radio)
Australia's most senior Catholic, Cardinal George Pell, is at the forefront of a radical overhaul of the Vatican's scandal-plagued bank.
French businessman Jean-Baptiste de Franssu has been named as the bank's new President.
It's the latest in a series of measures to stamp out money laundering and corruption.
Brianna Roberts reports.
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An investigation into money laundering and fraud have already forced the closure of thousands of Vatican bank accounts - costing the bank millions of dollars.
Australia's most senior Catholic - Cardinal George Pell - has a key role in reforming the bank, and repairing it's image.
He says he wants the bank's operation to be more transparent.
"We are aiming at substantial transparency, so there will be annual audited reports, and these reports will be audited externally. Our ambition is to become something of a model of financial management rather than a cause for occasional scandal."
Efforts to clean up the bank have already forced the closure of thousands of accounts - costing the bank millions of dollars.
Tom Elliot, from financial consultancy firm Devere Group says there's no chance it will collapse.
"The Vatican Bank will definitely survive because it's got the Catholic Church behind it but it's all part of a long term process of cleaning itself up after being basically allowed to engage in practices with loose internal controls that have long been frowned on outside of the Vatican Bank in broader banking circles."
Reforming the bank has been a key priority for Pope Francis, who has said previously he wants the Church to focus on supporting the needy.
Under the reforms, the bank will phase out investment activities to focus on serving religious orders and charities.
Incoming Vatican Bank President Jean - Baptiste de Franssu says he sees the apointment as his calling.
"I see this role as a mission- a mission to the Church similar in many ways to that of many, many Catholics around the world who are also helping the Church."
While reforms have been costly, the bank says it is turning things around.
Results for the first half of 2014 showed a net profit more than 82 million dollars.
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