- Jun 3, 2020
As part of Pope Francis’s ongoing financial clean-up operation at the Vatican, the Holy See and Italy have entered into a new agreement that requires all individuals and entities with accounts at the so-called ‘Vatican bank’ to report income for Italian tax purposes.
On Saturday, Pope Francis issued an edict restoring several financial powers to the Administration of the Patrimony of the Apostolic See (APSA), taking them away from Australian Cardinal George Pell and his Secretariat for the Economy. With power, however, also comes the blame if something goes wrong.
Pope Francis on Saturday issued a legal decree intended to create a clear distinction between administration of the Vatican’s financial resources and oversight of that administration. Politically, the result is seen as trimming the powers of Australian Cardinal George Pell and his new Secretariat for the Economy.
Despite speculation that Cardinal George Pell might step down shortly after his 75th birthday on June 8, Pell’s office said Thursday that Pope Francis has confirmed the Australian prelate as the Vatican’s top financial official until at least 2019. The news came in a statement from Pell’s office in Rome,
“The suspension of auditing activities is not due to considerations linked to the integrity or quality of the work initiated by PwC, let alone the intention of one or more entities of the Holy See to block the reforms in progress”