- Aug 10, 2020
Despite the general stall related to the coronavirus over the last several months, it’s been drive time in terms of a financial reshuffle in the Vatican.
A lawyer for Argentine Bishop Gustavo Zanchetta, appointed by Pope Francis to a Vatican post amid charges of sexual misconduct and financial mismanagement, told Crux that the Church process against Zanchetta is “almost over” and that he’s confident the bishop’s name will be “cleared.”
Officials say the new rules, described as four years in the making, bring the Vatican in line with “the most advanced international legislation in the area,” including the UN’s 2003 Convention against Corruption. It’s also intended, according to a synthesis provided by the Vatican News Service, to “combat illicit deals and corruption,” as well to achieve significant cost savings though “economies of scale.”
Pope Francis and his Vatican team this week have moved to try to defuse a financial bomb before it goes off, closing several Swiss holding companies responsible for portions of its assets and reallocating internal control over financial data collection.
Change now is inevitable, no matter what sort of resistance the fabled “old guard” may put up, because the Vatican finds itself looking down the barrel of a $158 million gun.