VistaBrokers

Vatican Finances to be Reviewed

Pope Francis has taken the decision to oversee the finances of the Holy See in an attempt to enhance the economic and administrative system following the recent scandal. As a result a new department has been created that would focus on economic and organizational issues of Vatican. In other words it would be oriented towards preventing money-laundering.

Additionally an auditor will be named that would manage the department’s actions and decisions. The newly established ministry will be led by Australian Cardinal George Pell, who is the current archbishop of Sydney.

In order to implement such changes, the pope used the Motu Proprio (“by his own initiative”), a document that states the Church must help the poor using its wealth.

A Flashback to the Scandal

Monsignor Nunzio Scarano is on a trial for transferring 26 million dollars using the bank accounts in Vatican. It has been stated that Scarano has smuggled money for “donations” through his accounts. But the financial police managed to seize millions and put Monsignor Nunzio Scarano under arrest.

At the same time Silverio Sica, Scarano’s lawyer, affirms that the donations taken from people have been designed to help terminally ill individuals from a certain home. Nevertheless this statement has been denied given that the money was used to pay a mortgage.

The Restructuring of Vatican Finances

Vatican is currently undergoing considerable restructuring following the decision of Pope Francis to set up a committee of inquiry in 2013. Also, the pope hired an American financial company in order to make sure all the rules that prevent money-laundering are observed properly. The outside experts would investigate a world often considered as secret and gloomy.

According to a spokesman, this restructuring would not influence the Institute for the Works of Religion immediately.

The Institute for the Works of Religion, known as the Vatican Bank, is a private institute with 5.4 billion euros of assets and over 100 employees. Also it is considered as one of the most secretive institution in the world.