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Major Vatican bank shake-up to be announced

Cardinal Pell to bring in radical reforms and simplification
Major Vatican bank shake-up to be announced

Cardinal George Pell. Picture: Sydney Morning Herald

Published: July 09, 2014 05:20 AM GMT
Updated: July 08, 2014 06:31 PM GMT

Cardinal George Pell is expected to announce a restructure of the Vatican bank that will see the scandal plagued institution spin off its investment activities and focus on payment services for the Roman Catholic Church, according to reports.

Vatican sources said Cardinal Pell - who was appointed earlier this year to one of the Vatican's most senior roles, Prefect for the Economy of the Holy See - will announce the changes on Wednesday [July 9].

Cardinal Pell is responsible for management and reform of the Vatican's sprawling administration and finances, reporting directly to the Pope Francis.

In an interview last year, Cardinal Pell said "There need to be changes in the economic area – not just with the so-called Vatican Bank – but more generally there is work there to be done [and] a need to ensure that things are being properly done."

The changes in the bank were finalised by Pell and the pope's other economic advisors last Saturday.

Francis, who was elected in March, 2013, had considered closing the bank but decided to keep it operative but with a program of continuing reforms.

French businessman Jean-Baptise de Franssu is expected to be named as the new head of the bank, formally known as the Institute for Works of Religion (IOR). He will succeed German Ernst von Freyberg, who is leaving after instituting major reforms.

IOR’s functions will be restricted to providing payment services and financial advice for religious orders, charities and Vatican employees.

The Holy See's assets are expected to be managed by a separate organisation.

The IOR has already made sweeping changes and launched investigations into suspicious activities.

Monsignor Nunzio Scarano, who worked as a senior accountant in another Vatican department for 22 years with close ties to the IOR, is now on trial accused of plotting to smuggle millions of dollars into Italy from Switzerland to help rich friends avoid taxes.

Scarano has also been indicted on charges of laundering millions of euros through the IOR.

He says the money in his accounts at the IOR were donations, which Italian magistrates dispute. He was arrested in June 2013.

Full Story: Cardinal George Pell to announce major changes at Vatican Bank

Source:Sydney Morning Herald

 

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