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 Mondaywho left a legacy of reform of $ 6 billion Vatican Bank. Although the ruling of clergy and finances in the Church in 1942, for many years the organization is tied to scandals, secret, and dangerous financial deals. During the tenure ‘in Francis, the bank repaired transparency and centralized financial controls to develop regulation management.

Even if he was entered a Anti-capitalist By some, one of Pope Francis’s purposes is a financial effort: his scandal reform is $ 6 billion Vatican Bank.

Francis, who died on Monday at 88, sought to change the bank And the holy sight of himself became Pope in 2013. Even if it was in 1942 with a clarical organizations, which were often struck by religious works, in the acts of religion, in the works of the Vatican, It is often struck by religious cliffs, which are usually struck by money, corruption in money, and even mafia connections. The Vatican Bank has holdings of 5.4 billion euros, or $ 6.1 billion As 2023.

However, in his pontificate, Francis, Argentina was born Jorge Mario Bergoglio, who encouraged bank changes that helped corruption. Thanks for working starting with the Predect ‘Predect’ Pope Pope Benedict XVI, the Vatican Bank in 2013 started to release annual reports For the first time drawing profits, operating expenses, and giving goodness, among other details.

The bank management also retrieved Francis with 2014 reducing the power of the clergym members of economic activities and teaching As the Vatican Bank Jean-Bunyone de Franssi, a French financier formerly CEO at Avesco Europe. The 61-year-old De Franssu served Vatican Bank President Since 2014.

Papa Francis also seeks to increase bank transparency, which followed financial regulations and carried out strictly outside of his tenure management. The bank closed thousands of accounts In 2014 to bring the organization to follow international financial standards.

Executing a more powerful control of the Holy View, Francis also ordered all the Vatican departments to close their investment accounts and send their funds to Bankan Bank. By organizing the Vatican funds, Francis is running out of finance from non-expert clergy and helped raise financial regulations in its possessions.

Pope Francis’s changes in the Vatican have a response to many scandals, including collapse of the largest banks of Italy, Banco Ambrosiano, which the Vatican bankan has a financial stake. The President of the Bank, Roberto Calvi, later found hanged Under Blackfriors Bridge Bridge in London with brick pockets as well as thousands of money. Calvi accused of stealing millions belonging to the mafia. she addressed as “God’s Banker” because of his Vatican connections.

In addition, a Vatican financial advisor under Pope Pope Paul VI, Michele Sinddona, who reorganized bad investments in the National Purnessments in 1974. In During his deathIn cyanide poisoning at the age of 65, Sudawa served 25 years of sentencing for deception.

Despite Francis’s efforts, the Catholic Church still stated in some scandals.

The Vatican verified by 2022 that two former Vatican bank directors have been convicted for the organization’s malfeasance. To 2023, a cardinal deke up to five and a half years in prison for bankruptcy.

This story originally shown Fortune.com

Source link