Pope Francis has ordered a sweeping overhaul of the Vatican’s financial system, establishing a powerful new secretariat for the economy as well as a central bank.
The shake-up follows a report by a commission of cardinals set up last year as the Vatican tackled scandals involving allegations of corruption and money laundering at the Vatican bank and the Administration of the Patrimony of the Apostolic See (Apsa), which manages financial holdings and property.
“The idea is to streamline the whole system, especially economic affairs, effectively appointing a minister of finance to pull everything together,” a senior Vatican official, who asked not to be identified, said. “There will be more transparency and more professional guidance.”
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