Posts Tagged ‘Vatican finances’

Vatican investment office reports €32 million profit for 2022

Monday, August 21st, 2023

The Vatican investment office made 32.27 million euros (NZ$59 million) in profit in 2022 and contributed the entire amount to the Vatican’s operating budget, said Bishop Nunzio Galantino, president of the Administration of the Patrimony of the Holy See. The profit was close to 6 million euros less than what the investments earned in 2021, Read more

Vatican’s ‘trial of the century’ sets new standards for the surreal

Monday, November 28th, 2022

Just when you think that the Vatican’s “trial of the century” against a cardinal and nine other defendants for various alleged financial crimes can’t get any more surreal, two developments pop out of the woodwork to prove you wrong. A hearing Thursday produced both a previously unknown, and unauthorised, recording of a phone call with Read more

Cardinal Becciu: media cost him chance at being pope

Monday, November 28th, 2022
Becciu's claim

An Italian court has dismissed Cardinal Angelo Becciu’s claims that unfavourable media coverage cost him the opportunity to be pope at the next Conclave. He has tried and failed twice to convince the court of his entitlement. Not only have Becciu’s claims been dismissed, but he has been ordered to pay thousands in damages and Read more

Little leaks from Pope’s closed-door meetings with cardinals

Thursday, September 1st, 2022
closed door meetings

Closed-door meetings Pope Francis had with about 180 cardinals this week focused on how the Catholic Church’s governance could be made more inclusive. So far little has officially emerged from the meetings. According to the accounts of those interviewed however, the pope encouraged all participants to speak from the heart. One topic on the agenda Read more

Vatican entities to move all funds to Vatican

Thursday, August 25th, 2022

Pope Francis has ordered that the Holy See and connected entities move all financial assets to the Institute for Works of Religion (IOR), commonly known as the Vatican bank. The pope’s rescript, issued on 23 August, clarifies the interpretation of a paragraph in the new constitution of the Roman Curia, Praedicate Evangelium, promulgated in March. Read more

Vatican reports $3.3 million deficit was significantly less than expected

Monday, August 15th, 2022

The Vatican reported that projections of an expected deficit of 33.4 million euros for 2021 ended in a shortfall of just 3.3 million euros. “We are not looking for surpluses but for sustainability of the Holy See’s service,” Jesuit Father Juan Antonio Guerrero Alves, prefect of the Secretariat for the Economy, told Vatican News on Read more

Vatican finances must serve Church’s mission, not vice versa

Monday, May 23rd, 2022
Vatican finances must serve mission

The Vatican’s top finance man Fr Juan Antonio Guerrero has warned that in economic matters Vatican finances must serve  Church’s mission and not the other way around. “As the pope has often repeated, it is not for us to serve the economy, but for the economy to serve us,” said Father Guerrero at a symposium Read more

Moneyval upgrades Vatican’s money laundering status

Thursday, May 12th, 2022

The Council of Europe’s anti-money laundering inspectorate, Moneyval, has ended more than a decade of special measures and inspections over Vatican institutions, upgrading the Holy See to the watchdog’s ordinary process of assessments and evaluation to “regular” status. The move comes after Moneyval offered a broadly positive assessment of financial security progress made at the Read more

Secretariat of State has not turned over financial control despite papal mandate

Thursday, June 17th, 2021
Secretariat of State

Five months after Pope Francis issued new norms governing Vatican finances, the Secretariat of State has not yet given to the Secretariat of the Economy oversight and control over funds — a handover ordered by the pope — several Vatican officials have charged. Neither the Secretariat of State nor the Vatican press office have responded Read more

‘Security consultant’ appeals extradition to the Vatican

Monday, October 19th, 2020

A self-described geopolitical analyst at the center of the most recent Vatican financial scandal is being held in an Italian jail pending extradition to the Vatican. Cecilia Marogna was arrested October 13 by Italian financial authorities after a warrant was issued by Vatican prosecutors through Interpol. Marogna has said she worked for the Holy See’s Read more