Pope Francis has ordered that the Holy See and connected entities move all financial assets to the Institute for Works of Religion (IOR), commonly known as the Vatican bank.
In an interview Thursday, Cardinal Pietro Parolin, the Vatican Secretary of State, spoke about uncovering financial scandal, saying that hiding scandal increases and entrenches it.
Pope Francis Monday appointed Fabio Gasperini, an Italian financial adviser working at Ernst and Young, to the second-ranking position at the Administration of the Patrimony of the Apostolic See (APSA).
As the Holy See awaits the results of a scheduled financial inspection, Pope Francis spoke about ongoing financial reform and investigations at the opening of the judicial year of the Vatican City State’s court, which he attended for the first time.
The Italian businessman responsible for investing millions of Vatican funds owned a stake in an online options trading company fined in 2016 by the Securities and Exchange Commission for misleading investors.
Antonio Maria Leozappa, president of the Fondazione Luigi Maria Monti, issued a letter to offer “clarification and rectification” on the reported use of funds from APSA in the foundation’s 2015 purchase of the Istituto Dermopatico dell’Immacolata (IDI).
Although investigators are looking into a controversial Vatican investment in a luxury London property development, whether the deal was corrupt is still an open question, Pope Francis said Tuesday.
An Italian news magazine has reported that five Vatican employees have been suspended following an Oct. 1 raid of offices within the Vatican’s Secretariat of State.