- Jan 22, 2021
A new law that removes financial assets from the control of the Vatican Secretariat of State is a step forward on the path of financial reform, said Bishop Nunzio Galantino, president of Administration of the Patrimony of the Holy See.
Pope Francis has taken away away the power of the purse from the Secretariat of State, traditionally the Vatican’s 800-pound gorilla, and transferred it to the Administration of the Patrimony of the Apostolic See (APSA), the Vatican’s central bank. At the same time, he beefed up the oversight role of the Secretariat for the Economy.
Monday’s encounter between Pope Francis and Australian Cardinal George Pell marked a vindication for the 79-year-old Australian prelate, but perhaps not a full resurgence.
The Vatican’s financial situation must be “a glass house” that displays transparency and honesty, letting Catholics know where its revenues come from and go, said the head of the Secretariat for the Economy.
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.
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.