Several financial scandals have rocked the Vatican in recent years. Precisely, the Holy See is currently judging nine people for a series of alleged financial irregularities in the management of the funds of the Secretary of State, specifically the sale of a luxurious building in London that ended in fraud and generated an accounting hole . The case is one of the key pieces that has led to the Pope Francisco to take action.
Among those accused of defrauding the Holy See out of tens of millions of euros is Cardinal Angelo Becciu. It is not just any figure. Between 2011 and 2018 he was number two in the Secretary of State. When the scandal broke Francisco He withdrew all his cardinal rights and removed him from the position of prefect of the Congregation for the Causes of Saints.
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Therefore, for many it was evident that if the Pope Francisco I wanted to bring about changes in the matter, I had to act. His strategy has materialized this week with the entry into office of a Committee for Investments aimed at supervising the correction of real estate expenses of the Holy See, a body included in its Apostolic Constitution.
The committee is headed by a cardinal, Irish-American Kevin Joseph Farrell, who is based in the Vatican, but will include four outside lay financial experts, according to a statement.
The objective of this new organization is “to guarantee the ethical nature of the real estate investments of the Holy See in accordance with the social doctrine of the church and, at the same time, its profitability, correctness and risks”.
Historian and religious expert Juan Fonseca considers that Francisco’s decision is “a great advance, a concrete and exemplary step”. “Normally the Pope is questioned because he does not translate some of his words, phrases or good intentions into concrete actions. In this case we are seeing a measure that will help improve the transparency of the Vatican economyor”, he tells El Comercio.
As I couldn’t wait any longer
Financial scandals represent a challenge for Pope Francis, as they reveal the lack of control in Vatican finances. Indeed, the pontiff was elected with a mandate to reform the bureaucracy, and both the ongoing trial and his plan to reorganize the Curia are tangible measures of reform.
In addition, Fonseca points out that after the pederasty scandal and the handling of the funds of the so-called great Vatican bank and, in general, of the finances of the Church, Francis had no other way.
“The only thing left for him to do was this because the Church is going through a deep crisis and I think Pope Francis understood it that way. If he didn’t do this, it was already going to mean the beginning of the end. In addition, from the perspective of this speech that he has developed, for example, humility, transparency, of putting ethics above the interests of the institution, I think it is very consistent and will help him reinforce his own message.”, says the expert.
Regarding the decision to create this ethics committee for Vatican investments, it is clear that, in addition to initiating an internal reform, Francis is trying to eliminate the dark privileges of various Vatican entities.
Fonseca hopes that the measure will contribute to making the use of Church funds more transparent and better. “The funds managed by the Church are, for the most part, properties or money of the faithful who voluntarily or philanthropically deposit the Church so that it can be invested appropriately in social aid. When news breaks, such as the London property investment scandal, it affects the Church’s message and creates distrust among the faithful.”, says Fonseca.
“I believe that this measure by the Pope is going to help a lot to show transparency and guarantee that people continue to contribute to a noble cause, which is what the Church wants to achieve.”, he adds.
He also explains that the scandals on this subject reveal that some cardinals or Church leaders acted negatively without greater control or review by the Church authorities. That was an additional factor of pressure so that the Pope can make decisions about it. That without counting the shady cases that resonated in the past, “There have also been accusations of money laundering. There are even the scandals that occurred in the 1980s, when the bankruptcy of Banco Ambrosiano happened in which the Church was involved because the Vatican bank, whose official name is the Institute of Religious Works (IOR), was part of the shareholders of the bank, and there was also mob money involved”, he comments.
According to the Associated Press agency, the Vatican bank issued its annual report, with a net profit of 18.1 million euros, compared to 36.4 million euros in 2020. The Institute of Religious Works said the profit was it was in line with expectations based on a new business model and a cautious risk portfolio.
Source: Elcomercio
I, Ronald Payne, am a journalist and author who dedicated his life to telling the stories that need to be said. I have over 7 years of experience as a reporter and editor, covering everything from politics to business to crime.
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