- Oct 23, 2020
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.
In an exclusive interview prerecorded and aired at a U.S. conference, Cardinal George Pell reminded his audience how important the church in the U.S. is for world Catholicism and Western civilization.
Pope Francis has named a U.S.-based executive from Spain to be general secretary of the Secretariat for the Economy.
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.