Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

7/8/2014 (1 year 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 year 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'


Copyright 2015 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for April 2016
Universal:
Small Farmers: That small farmers may receive a just reward for their precious labor.
Evangelization: African Christians: That Christians in Africa may give witness to love and faith in Jesus Christ amid political-religious conflicts.



Comments


More Europe

Vatican under investigation - 5,000 bank accounts closed Watch

Image of Vatican auditors make move after three-year investigation (Pinterest).

By Kenya Sinclair (CALIFORNIA NETWORK)

Vatican auditors closed nearly 5,000 suspected Vatican bank accounts on suspicion of tax evasion. LOS ANGELES, CA (Catholic Online) - The scandal includes a three-year investigation of 544 suspected transactions mainly involving tax evasion.To meet international ... continue reading


MASONS HACKED! Secrets of the Masons spilled - French media to expose highest-ranking Masons Watch

Image of The Masons have been hacked. A secret dump of documents will reveal their secrets to the world.

By David Drudge (CALIFORNIA NETWORK)

Hackers have just released thousands of documents in a new document dump to the media, this time, they contain the secrets of the Masons. The data dump is known as "Masonleaks" and journalists say it will take several months to complete their review of the documents. ... continue reading


Belgian minister warns against offending Muslims, wait until you see the scary reason why! Watch

Image of Muslims take over a Parisian street for prayers.

By David Drudge (CALIFORNIA NETWORK)

A Belgian minister has a telling warning for his country as hearings begin into the Brussels attack that killed 32 people at an airport in March.  The reason for the warning is quite compelling. LOS ANGELES, CA (California Network) - A Belgian minister is warning ... continue reading


Women sentenced to three months for self-induced abortion in Northern Ireland Watch

Image of There are better solutions than abortion.

By Marshall Connolly (CALIFORNIA NETWORK)

A woman in Northern Ireland has been convicted of aborting her child, and sentenced to a three-month, suspended jail sentence. The woman left her baby in a trash bag for eight days until police were contacted. The case has sparked renewed debate over abortion in ... continue reading


World's worst nuclear catastrophe commemorated 30 years later (WARNING: DISTURBING IMAGES) Watch

Image of The Ukraine commemorates the 30th anniversary of Chernobyl's explosion.

By Kenya Sinclair (CALIFORNIA NETWORK)

Thirty years after the greatest nuclear disaster the world has ever seen, Ukrainians solemnly commemorate the 1986 Chernobyl nuclear power plant accident. LOS ANGELES, CA (Catholic Online) - The meltdown at the Russian plant began when an uncontrolled reaction ... continue reading


LISTEN NOW: Stolen manuscript reveals song not performed for 1,000 years Watch

Image of One Cambridge researcher admitted the music was nearly tangible (YouTube).

By Kenya Sinclair (CALIFORNIA NETWORK)

A Cambridge researcher and world-class medieval music performer combined their talents to perform an ancient song for the first time in over 1,000 years. LOS ANGELES, CA (Catholic Online) - The music, titled "Songs of Consolation," was performed for the first time on ... continue reading


What's 'Hijab Day' and why is it causing a 'FREAK OUT' in France? Watch

Image of French students held a Hijab Day to raise awareness of discrimination against women (Styles Glamor).

By Kenya Sinclair (CALIFORNIA NETWORK)

Students from the French university Sciences Po Paris held a Hijab Day to raise awareness of the discrimination and verbal abuse Muslim women face every day - and it went exactly how you might expect. LOS ANGELES, CA (Catholic Online) - With the influx of Muslim ... continue reading


MASS TOURIST ATTACK: ISIS to plant bombs in Europe's most popular beaches Watch

Image of ISIS threatens popular beach resorts (Express).

By Kenya Sinclair (CALIFORNIA NETWORK)

German and Italian intelligence agencies discovered ISIS' plan to pose as refugees to detonate bombs and suicide vests buried beneath lounge chairs across Spanish, French and Italian beaches this summer. LOS ANGELES, CA (Catholic Online) - According to the Mirror, ... continue reading


Norwegian mass murderer Anders Breivik wins human rights case. See the 'inhumanity' of Norway's prison system (PHOTOS) Watch

Image of Breivik has won a case that his solitary confinement and other conditions of his imprisonment are 'inhumane.'

By David Drudge (CALIFORNIA NETWORK)

The conditions that Norwegian mass murderer Anders Behring Breivik have been subjected to are inhumane, according to a Norwegian court. Breivik was convicted of killing 77, and injured 319. Many of his victims were children. LOS ANGELES, CA (California Network) - Life ... continue reading


Why is the Trevi Fountain being dyed blood red? Watch

Image of

By CNA/EWTN News

On April 29, the Trevi Fountain, one of the most popular and emblematic tourist spots in Rome, will be dyed red in recognition of all Christians who even today give their life for the faith.  Rome, Italy (CNA/EWTN News) - The event is being organized by Aid to the ... continue reading


All Europe News

Newsletters

Newsletter Sign Up icon

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

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

Daily Readings

Reading 1, Acts 15:1-2, 22-29
1 Then some men came down from Judaea and taught the brothers, 'Unless ... Read More

Psalm, Psalms 67:2-3, 5, 6, 8
2 Then the earth will acknowledge your ways, and all nations your power ... Read More

Gospel, John 14:23-29
23 Jesus replied: Anyone who loves me will keep my word, and my Father ... Read More

Reading 2, Revelation 21:10-14, 22-23
10 In the spirit, he carried me to the top of a very high mountain, and ... Read More

Saint of the Day

Saint of the Day for May 1st, 2016 Image

St. Marculf
May 1: Marculf is also known as Marcoul. He was born at ... Read More