- Jul 4, 2020
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.
Cardinal George Pell has linked his fight against corruption in the Vatican with his prosecution in Australia for alleged child sex abuse.
A close second in terms of who benefits from Tuesday’s acquittal of Cardinal George Pell is the Vatican, because the heavy lifting of evaluating the evidence has been done by someone else.
Australia’s highest court will deliver its ruling next week on whether to overturn the convictions of Cardinal George Pell, the most senior Catholic convicted of child sex abuse.