The $6 billion Vatican Bank was beset by scandals, disastrous investments—and ties to the mafia. How Pope Francis tried to fix it
- Pope Francis died on MondayLeaving the heritage of reforms at $ 6 billion in the Vatican Bank. Although it was founded in 1942 to manage spirituality and church finance, the organization has been connected with scandals, privacy and catastrophic financial transactions. During his tenure in Francis, the bank improved its financial transparency and centralized control to promote regulatory control.
Although they have been charged anti-capitalist One of the key achievements of the Pope Francis was financial efforts. His reform scandalous, $ 6 billion in the Vatican Bank.
Francis who died on Monday at the age of 88, tried to reform Bank And immediately after becoming the Pope in 2013, the Holy See. Although it was established in 1942 to manage the world’s clergy and church organizations for years, for years, for the Cases of Religious Affairs, which was usually known for the Vatican Bank. The Vatican Bank had 5.4 billion euros or $ 6.1 billion As of 2023A number
However, Francis, Argentina, born in Jorge Mario Bergogloy, who promoted the Bank, who helped to eradicate corruption and bring more transparency to the internal affairs of the organization. Due to the work began under Pope Benedict XVI in the previous Pope Benedict XVI, the Vatican Bank began to release Annual reports For the first time, by outlining his profits, operating expenses and charitable issuance, among other details.
In 2014, the bank’s management was transformed with Francis, reducing the economic affairs of the members of the clergy. appointment As the head of the Vatican Bank, Jean-Baptist de France, a French financier, who has been the General Director of Invesko Europe. 61-year-old de francies served as President of the Vatican Bank From 2014.
Pope Francis also sought to increase transparency in the Bank, to bring financial regulations and exercise more strict control during its tenure. Bank Closed thousands of accounts In 2014, the organization complies with international financial standards.
The exercise of the strict control of the Holy See also ordered their investment accounts to all the Vatican departments and sent their funds to the Vatican Bank. By focusing on the Vatican’s resources, Francis removed financial strength from non-expert clergy and helped make stronger control by its financial regulators.
The changes in Pope Francis came in response to the collapse of several scandals, including the largest bank in Italy, Bank Sorosyan, in which the Vatican Bank had. Bank President Roberto Calvi was later discovered gallows London under Blackfriars Bridge with brick pockets, as well as thousands of cash. Calvin was accused of stealing millions of people belonging to Mafia. He was informed As a “banker of God” because of his Vatican’s connections.
Besides, Michel Sindtona, the Vatican Financial Adviser to Pope Pope Pokhos Vi, also had ties with organized crime and the Vatican dragged the collapse of its US National Bank of Franklin in 1974. His death timeSindonea, the 65-year-old cyanide, served to wear a 25-year-old punishment.
Despite Francis’ efforts, the Catholic Church has still driven by some scandals.
The Vatican confirmed in 2022 That the former Vatican former principals have been convicted of abuse in the organization. In 2023 was Cardinal convicted Five and a half years in prison for the possibility.
This story was originally shown Fortune.com
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