
Vatican City, (CNA).- Pope Francis issued a new law Monday reorganizing Vatican finances following a series of scandals. In a document issued Dec. 28, the pope formalized the transfer of financial responsibilities from the Vatican’s Secretariat of State to the Administration of the Patrimony of the Apostolic See (APSA), which functions as the Holy See’s treasury and sovereign wealth manager. He first announced the shake-up in an Aug. 25 letter to Vatican Secretary of State Cardinal Pietro Parolin that was made public on Nov. 5 after the Secretariat of State was engulfed by accusations of financial mismanagement. The pope promulgated the new law in an apostolic letter issued motu proprio (“on his own impulse”). The text, entitled “A better organization,” also set out new regulations for the oversight of Peter’s Pence, an annual worldwide collection supporting the pope’s mission.
Vatican officials have been forced to deny that money raised for Peter’s Pence was used to cover losses on a controversial London property deal overseen by the Secretariat of State. The document, signed Dec. 26 and coming into force before the start of the Vatican’s new fiscal year, contains four articles. The first concerns the transfer of investments and liquidity from the Secretariat of State to APSA. The second regulates the management of papal funds. The third sets out “provisions on economic and financial monitoring and supervision” and the fourth addresses the functioning of the Secretariat of State’s administrative office. Under the new law, APSA will gain ownership of funds, bank accounts, and investments, including real estate, previously administered by the Secretariat of State from Jan. 1, 2021. APSA’s management of its new responsibilities will be subject to “ad hoc control” by the Vatican’s Secretariat for the Economy, established in 2014 to oversee the financial activities of the Holy See and Vatican City State. The Secretariat for the Economy will in future also serve as the Papal Secretariat for Economic and Financial Matters.


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