Pope Francis fires Vatican financial authority for fresh, new eyes; new board includes woman
By Catholic Online (NEWS CONSORTIUM)
6/6/2014 (3 years ago)
Catholic Online (https://www.catholic.org)
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.
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.
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.
Copyright 2018 - Distributed by THE CALIFORNIA NETWORK
Pope Francis Prayer Intentions for FEBRUARY 2018
Say 'No' to Corruption. That those who have material, political or spiritual power may resist any lure of corruption.
This prayer of St. Patrick called "St. Patrick's Breast-Plate" was composed as he prepared for his most important battles against the ... continue reading
Some 100,000 Irish pro-life advocates took to the streets across the country on Saturday to oppose legalizing abortion in the Republic of ... continue reading
A British court ruled Tuesday that physicians can stop providing life support, against his parents' wishes, to Alfie Evans, a 21-month old ... continue reading
The magical realm of Narnia is the setting of C. S. Lewis' beloved children's book The Lion, the Witch and the Wardrobe. There, four ... continue reading
The Council of Europe's Moneyval committee has praised the Holy See's financial intelligence unit, the Financial Information Authority, in ... continue reading
by Catholic Online
- St. Joseph: Saint of the Day for Monday, March 19, 2018
- Daily Reading for Monday, March 19th, 2018 HD Video
- An Irish Story: The History of Catholic America
- Not Decoration: Pope Francis emphasizes the importance of the crucifix
- 'Living Lent': Monday of the Fifth Week of Lent - Day 34
- Daily Readings for Monday, March 19, 2018
- Daily Reading for Tuesday, March 20th, 2018 HD Video
- Daily Reading for Sunday, March 18th, 2018 HD
- The Earth is Dying: Human impact continues to shape the future of the planet HD
- Thousands of students walk out of schools to protest gun violence HD
- Daily Reading for Saturday, March 17th, 2018 HD
Learn about Catholic world
Inform - Inspire - Ignite
Catholic Online Saints
Your saints explained
Catholic Online Prayers
Prayers for every need
Catholic Online Bible
Complete bible online
Catholic Online News
Your news Catholic eye
Today's bible reading
Products and services we offer
Catholic Online Shopping
Catholic medals, gifts & books
The California Network
Inspiring streaming service
Learn the Catholic way
Teacher lesson plans & resources
Support Free Education
Tax deductible support Free education