Pope Francis has tightened control and oversight over Vatican-based foundations and associations in his latest effort to impose international standards of accounting and governance on Vatican offices and affiliated entities.
A new law aims to bring the Holy See into further compliance with recommendations from the Council of Europe’s Moneyval committee, which in April 2021 flagged as problematic the lack of an overarching law governing the creation and administration of foundations registered in Vatican City.
Such foundations draw donations from the faithful, but until recently, they had little oversight or accountability.
The new law lays out strict governance, administrative and accounting regulations that put the foundations under the ultimate oversight of the Vatican’s Secretariat for the Economy, with their books subject to review by the office of the auditor general.