Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

7/8/2014 (1 month ago)

Catholic Online (www.catholic.org)

Criminal investigations into money mismanagement spurs on new management

Following a criminal investigation, resignations and a 2012 report that accused the Vatican of not doing enough to prevent money laundering, Pope Francis will appoint a new banker in chief. It's all part of new attempts by the Vatican to shine the light on all financial transactions.

The Vatican bank has begun screening all its customers to make sure they complied with new transparency rules.

The Vatican bank has begun screening all its customers to make sure they complied with new transparency rules.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

7/8/2014 (1 month ago)

Published in Europe

Keywords: Vatican, bank, theft, corruption, new appointments


LOS ANGELES, CA (Catholic Online) - The Institute for the Works of Religion, as the Vatican bank is formally known, claimed that its profits were virtually wiped out last year as new management combed through accounts.

Both Emeritus Benedict and his successor Pope Francis have since tried to clean house.

Help join the fight against world hunger -- by going here --

Swiss financial crime fighter Rene Brulhart was appointed in 2012 to bring Vatican regulation in line with international standards. In addition, German lawyer Ernst von Freyberg was hired on as president of the Vatican bank early last year.

The Vatican bank began screening all its customers to make sure they complied with new transparency rules. The bank has since terminated nearly 3,000 customer relationships as the accounts were small and mostly dormant.

About 400 were ended because the bank is narrowing its focus to serve only Catholic institutions, clerics, Vatican employees, embassies and diplomats to the Holy See. Another 359 customers who will also be dropped.

The Vatican bank also took a hefty charge to write down a number of investments made by the previous management. It also spent heavily hiring external consultants to advice on the clean-up operation.

The Institute for the Works of Religion said net profit last year slumped to 2.9 million euros ($4 million) from 86.6 million in 2012.

"It is fair to say that over the past months this often painful but very necessary process has opened the door to a new, unburdened future of the [bank] -- as a financial service provider that is fully and solely dedicated to serving the mission of the Catholic Church," von Freyberg says.

The new management team is expected to be announced shortly.

"After all their hard work, we are now in a position to move the [bank] to a second phase of reform under new leadership," George Pell, the former Archbishop of Sydney said. Appointed by Pope Francis earlier this year, Pell oversees financial and administrative affairs across the city state and Catholic Church.

---


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


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for August 2014
Refugees:
That refugees, forced by violence to abandon their homes, may find a generous welcome and the protection of their rights.
Oceania: That Christians in Oceania may joyfully announce the faith to all the people of that region.



Comments


More Europe

Scandalous details come to light over defrocked nuncio's abuse of young boys Watch

Image of Shoeshine boys int he Dominican Republic say that Archbishop Jozef Wesolowski would cruise the oceanfront promenade and offer them large sums of money for sexual acts.

By Catholic Online (NEWS CONSORTIUM)

Loathsome details have come to light over defrocked Archbishop Jozef Wesolowski, the Vatican's ambassador to the Dominican Republic. Shoeshine boys say that Wesolowski would cruise the oceanfront promenade and offer them large sums of money for sexual ... continue reading


Archbishop appeals his defrocking for sexual abuse allegedly committed in Dominican Republic Watch

Image of If found guilty in a criminal trial, Archbishop Jozef Wesolowski could risk extradition to the Dominican Republic, which has appointed a special prosecutor to investigate the case.

By Catholic Online (NEWS CONSORTIUM)

Archbishop Jozef Wesolowski, from Poland, is accused of child sex abuse while he served in the Dominican Republic. He has since appealed against a Roman Catholic tribunal's decision to defrock him, according to the Vatican. LOS ANGELES, CA (Catholic Online) - ... continue reading


SHOCKING: Are there more British Muslims fighting for the Islamic State than for British military? Watch

Image of Many young men facing poor job prospects in the U.K. find the IS narrative of defending Islam hard to resist.

By Catholic Online (NEWS CONSORTIUM)

It's a shocking figure that has many questioning immigration laws. Britain's Ministry of Defense has confirmed that there are approximately 600 British Muslim service members in its armed forces of almost 200,000 people. In a momentous slap to the West - and ... continue reading


British Archbishop demands Muslim leaders enforce discipline on youth or face the consequences Watch

Image of George Carey, a former Archbishop recently spoke on the dangers of the Islamic State, as well as the British Muslims who go overseas to fight for it.

By Catholic Online (NEWS CONSORTIUM)

A former Archbishop of Canterbury has called for Britons that are fighting for the Islamic State to be banished from Britain. LOS ANGELES, CA (Catholic Online) - Lord George Carey of Clifton said that Muslims must  discipline their young people, or see them ... continue reading


Pontifical Council Statement on the Violence in Iraq Watch

Image of Let us therefore unite our voices with that of Pope Francis:

By Vatican Radio

No cause, and certainly no religion, can justify such barbarity. This constitutes an extremely serious offense to humanity and to God who is the Creator, as Pope Francis has often reminded us. VATICAN CITY (Vatican Radio) - The Pontifical Council for Interreligious ... continue reading


British rapper makes 14-year-old girl post sex video online Watch

Image of The girl, who can't be named for legal reasons, accepted a friend request from rapper Logik, whose real name is Kyle Burns.

By Catholic Online (NEWS CONSORTIUM)

It was a sick incident that highlights what's going on around the eyes and ears of semi-attentive parents. A British rapper who goes under the stage name of "Logik" asked a 14-year-old girl to pose an indecent 60-second video of herself to which he promised ... continue reading


A new tomb may be the burial place of Alexander the Great Watch

Image of This road leads up to a newly discovered tomb which could hold the remains of one of Alexander the Great's generals.

By Catholic Online (NEWS CONSORTIUM)

Archaeologists in Greece have discovered an immense tomb that they believe may be connected with Alexander the Great, whose conquests stretched from Greece to India. LOS ANGELES, CA (Catholic Online) - This tomb, which dates to around 300 BC, may have held the body ... continue reading


WRITTEN OFF: Debt used by Vatican to finance religious films wiped clean Watch

Image of The Vatican's at-the-time Secretary of State Tarcisio Bertone ordered the investment in Lux Vide SpA. He said the company shared the Holy See's

By Catholic Online (NEWS CONSORTIUM)

Pope Francis has tried to loosen ties between the Catholic Church and Italy's business and political world. The pontiff considers this longstanding network of relations improper and antithetical to the Church's religious mission. To this end, the Vatican has ... continue reading


Spanish priest stricken with Ebola returned to Europe for treatment; Victims left rotting in streets Watch

Image of Seventy-five-year-old Missionary Miguel Pajares, a Spanish priest has become the first person carrying the deadly Ebola virus to be brought back to Europe for treatment.

By Catholic Online (NEWS CONSORTIUM)

Seventy-five-year-old Missionary Miguel Pajares, a Spanish priest has become the first person carrying the deadly Ebola virus to be brought back to Europe for treatment. In the meantime, shocking new photographs have emerged showing more victims being dumped in ... continue reading


Pope Francis Teaches on the Beatitudes: Portrait of Jesus and the Path to Happiness Watch

Image of Let us try to recall them and to imprint them, in our hearts. Let's do this: I will say them one after the other and you will repeat them. Agreed? - Pope Francis

By Catholic Online

As Moses stipulated regarding the Covenant with God in accordance with the law received on Sinai, so Jesus, from a hill on the shore of Lake Galilee, gives to his disciples and to the crowd a new teaching that begins with the Beatitudes. Moses gave the Law on ... 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, First Corinthians 1:1-9
1 Paul, called by the will of God to be an apostle of ... Read More

Psalm, Psalms 145:2-3, 4-5, 6-7
2 Day after day I shall bless you, I shall praise ... Read More

Gospel, Matthew 24:42-51
42 'So stay awake, because you do not know the day ... Read More

Saint of the Day

Saint of the Day for August 28th, 2014 Image

St. Augustine of Hippo
August 28: St. Augustine of Hippo is the patron of brewers because of his ... 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