René Bruelhart, chairman of the Vatican’s Financial Intelligence Authority, known as the AIF, likes understatement. “We are on the right track, although a lot remains to be done,” he says. Yet the recent publication of the annual reports both by AIF and the Vatican Bank (properly the Institute of Religious Works, or IOR) shows how much has changed since the election of the Argentinian Pope. Benedict XVI established the authority on 30 December 2010 in order to supervise the financial activities within the Holy See and the Vatican City State, but soon the then Secretary of State Cardinal Tarcisio Bertone had restricted its powers. Francis, a few months after his election, once again gave the authority full autonomy. The changed practices in the financial sector are