In his most recent attempt to impose international norms of accounting and administration on Vatican offices and associated enterprises, Pope Francis tightened control and oversight over Vatican-based foundations and associations on Tuesday.
A new law aims to strengthen the Holy See's adherence to suggestions made by the Moneyval committee of the Council of Europe, which in April 2021 identified the absence of a comprehensive framework governing the establishment and management of foundations registered in Vatican City as problematic.
These organisations receive money from the devout, but up until recently they were not closely monitored or held to account.
In his most recent attempt to impose international norms of accounting and administration on Vatican offices and associated enterprises, Pope Francis tightened control and oversight over Vatican-based foundations and associations on Tuesday.
A new law aims to strengthen the Holy See's adherence to suggestions made by the Moneyval committee of the Council of Europe, which in April 2021 identified the absence of a comprehensive framework governing the establishment and management of foundations registered in Vatican City as problematic.
These organisations receive money from the devout, but up until recently they were not closely monitored or held to account.
After the president's attorneys claimed that the money was intended as an investment to assist the hospital because the apartment was supposed to be utilised for fundraising events, the original charge of embezzlement was downgraded to misuse of office and Bertone was never charged.
Pope Francis founded some of the organisations and associations that are legally headquartered in Vatican City and are devoted to previous popes and papal endeavours.
The Vatican's murky finances needed to be cleared up, and Francis was elected pope in 2013 with a mandate to bring worldwide standards of accountability and openness to them. Years of reform work have resulted in other scandals, including the ongoing criminal case over a prior purchase in a London property.
Follow the latest news on Google News
