Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

6/6/2014 (8 months ago)

Catholic Online (www.catholic.org)

The previously all-Italian board is replaced by international consultants

In a gesture to break with an old guard associated with a questionable past under his predecessor, Pope Francis has dismissed the five-man board of the Vatican's financial watchdog this week. The board, composed exclusively of Italians, have been replaced four experts from Switzerland, Singapore, the United States and Italy. The new officials will serve on the board of the Financial Information Authority, or AIF, the Holy See's internal regulatory office.

Rene Bruelhart, a Swiss lawyer who heads the AIF and who has been pushing for change, has been appointed to the Vatican's financial oversight committee.

Rene Bruelhart, a Swiss lawyer who heads the AIF and who has been pushing for change, has been appointed to the Vatican's financial oversight committee.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

6/6/2014 (8 months ago)

Published in Europe

Keywords: Pope Francis, firings, Financial Information Authority, overseers


LOS ANGELES, CA (Catholic Online) - For the first time, the board will include a woman for the first time. All five outgoing members of the board were Italians who had been expected to serve five-year terms ending in 2016. All five were laymen associated with the Vatican's discredited financial old guard.

Pope Francis, which has already taken a series of steps to clean up Vatican finances, had been under pressure to replace the members of the guard. He had been asked to appoint professionals with an international background to work with Rene Bruelhart, a Swiss lawyer who heads the AIF and who has been pushing for change.

Starvation never takes a vacation --

Bruelhart, Liechtenstein's former top anti-money laundering expert, had wanted the Pope to appoint global professionals like him. "Bruelhart wanted a board he could work with and it seems the pope has come down on his side and sent the old boy network packing," a Vatican source said.
Another newcomer to the staff is Marc Odendall, who administers and advises philanthropic organizations in Switzerland and Juan C. Zarate, a Harvard law professor and senior advisor at the Center for Strategic and International Studies.

The other two board members are Joseph Yuvaraj Pillay, former managing director of the Monetary Authority of Singapore and senior advisor to that country's president and Maria Bianca Farina, the head of two Italian insurance companies.

Pope Francis had organized in February a new Secretariat for the Economy which reported directly to him. He also appointed an outsider, Australian Cardinal George Pell, to head it.

The Pope removed Cardinal Attilio Nicora in January. A prelate who played a senior role in Vatican finances for more than a decade. Nicora was replaced with an archbishop with a track record of reform within the Vatican bureaucracy. The Pope also replaced four of the five cardinals in the commission that supervises the Vatican's troubled bank, known as the Institute for Works of Religion.

Ever since the arrival of Bruelhart in 2012, the AIF has been spearheading reforms to bring the Vatican in line with international standards on financial transparency and money laundering.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for March 2015
Universal:
Scientists: That those involved in scientific research may serve the well-being of the whole human person.
Evangelization: Contribution of women: That the unique contribution of women to the life of the Church may be recognized always.



Comments


More Europe

Jihadi John's father calls son 'dog, an animal and a terrorist' Watch

Image of The elder Emwazi told the colleague that he had emphatically rejected his eldest son during a phone call in 2013 from Turkey when he had asked his parents' blessing for a trip to Syria to fight as a jihadist.

By Catholic Online (NEWS CONSORTIUM)

Describing his son as a "dog, an animal and a terrorist," the father of dreaded Islamic State terrorist "Jihadi John," 51-year-old father of Mohammed Emwazi, Jassem Emwazi is giving the world a new view into one of the world's top villains. According to Jassem, ... continue reading


European leaders warn Putin to back down: Threaten more sanctions if Ukraine ceasefire is violated Watch

Image of While the February 12 ceasefire seems to be holding for the moment. European leaders warn that should violence resume, the international community will have no choice but to implement further sanctions against Russia.

By Matt Waterson (NEWS CONSORTIUM)

While the current ceasefire agreement is apparently holding in Ukraine, European leaders and President Obama warned Russia that they would come down hard and slap on a new round of economic sanctions if the ceasefire was violated. LOS ANGELES, CA (Catholic ... continue reading


TERROR THREAT VERY REAL: Vatican Inspector General says security on high alert Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

Inspector General of the Vatican's police force, Domenico Giani says that he is unaware of any plan to attack the Vatican or Pope Francis, but the threat of terrorism remains very real - and that security remains on very high alert there. LOS ANGELES, CA ... continue reading


Mass grave discovered underneath Paris supermarket Watch

Image of The bodies were discovered in eight graves, according to a news release from the National Institute for Preventive Archaeological Research.

By Catholic Online (NEWS CONSORTIUM)

Renovations being made to an existing Paris supermarket have uncovered a mass grave with more than 200 skeletons. Excavators turned over the grisly discovery to archaeologists in order to learn the historical answers to the grisly mystery. LOS ANGELES, CA ... continue reading


IT'S NOT REALLY OVER: Russian-backed rebels use ceasefire to rearm for grand offensive Watch

Image of Ukrainian rebels have been using the ceasefire to rearm and train for future attacks against Ukrainian army forces.

By Matt Waterson (NEWS CONSORTIUM)

Despite a five party ceasefire agreement signed in February, there is no peace in Ukraine, and further bloodshed appears to be on the horizon. LOS ANGELES, CA (Catholic Online) - Russian-backed rebels are using the ceasefire to regroup, rearm and train for another ... continue reading


Hook, line, sinker! Woman sends over $1 MILLION to man she's never met Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

Is it possible to fall in love online or over the telephone? Obviously, as a woman, identified only as "Sarah" told Dr. Phil, she sent a man she's never met over ONE MILLION DOLLARS, in the 18 months they've been emailing and calling each other. She is certain ... continue reading


REVEALED AT LAST: Dreaded 'Jihadi John,' ISIS murderer, has face shown in college portrait Watch

Image of Jihadi John's college photo shows him with a solemn expression - hinting at the inhumanity to come.

By Catholic Online (NEWS CONSORTIUM)

Former London resident Mohammed Emwazi, who would go on to worldwide infamy as  "Jihadi John," Islamist State's most notorious executioner has had his college portrait released. Emwazi sports a Pittsburgh Pirates cap, reportedly for his University of ... continue reading


France uneasy as drones spotted over U.S. Embassy, landmarks - Terrorists suspected Watch

Image of Soldiers guard several sites in Paris as the threat of terror attacks grows.

By Marshall Connolly, Catholic Online (NEWS CONSORTIUM)

French officials are worried that a terror attack may be imminent in Paris after drones were spotted flying over several landmarks including the U.S. Embassy. Police were unable to locate the operators. PARIS, FRANCE (Catholic Online) - The AFP is reporting that for ... continue reading


U.S. soldiers dare Putin just 300 yards from Russian border Watch

Image of A U.S. Army armored personal carrier during a military parade in Estonia to mark the nation's independence day.

By Matt Waterson (NEWS CONSORTIUM)

A sign of growing tension in Europe, and possibly a warning to Russia occurred in the Baltic nation of Estonia, as it marked its independence day with a military parade that prominently featured troops and equipment from NATO forces - including U.S. troops - that ... continue reading


Former Russian soldier reveals that Putin has sent troops into Ukraine! Watch

Image of Moscow denied that Russian soldiers were in Crimea when it was taken, but that proved to be a lie.

By Matt Waterson (NEWS CONSORTIUM)

The ceasefire that was agreed to in Minsk by the leaders of France, Germany, Ukraine and Russia did not last even a day before Russian supported rebels broke it by shelling the besieged town of Debaltseve which prompted a withdrawal of Ukraine forces. LOS ... continue reading


All Europe News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Jeremiah 17:5-10
5 Yahweh says this, 'Accursed be anyone who trusts in ... Read More

Psalm, Psalms 1:1-2, 3, 4, 6
1 How blessed is anyone who rejects the advice of the ... Read More

Gospel, Luke 16:19-31
19 'There was a rich man who used to dress in purple ... Read More

Saint of the Day

Saint of the Day for March 5th, 2015 Image

St. John Joseph of the Cross
March 5: St. John Joseph of the Cross was born about the middle of the ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter