Reeling Under Financial Scandals And Embezzlement By Top Cardinals, Pope Announces Reforms On Managing Vatican Finances | WHAT REALLY HAPPENED X-Frame-Options: SAMEORIGIN

Reeling Under Financial Scandals And Embezzlement By Top Cardinals, Pope Announces Reforms On Managing Vatican Finances

Pope Francis has formally stripped the Vatican secretariat of state of its financial assets and real estate holdings following a financial scandal which is currently the subject of a corruption investigation, ABC News reported.

The Pope signed a new law over the weekend ordering the secretariat of state to complete the transfer of all its financial holdings to APSA, the Vatican’s existing centralised asset manager.

Under the new law, the Peter’s Pence collections from the faithful as well as other donations that had been managed by the secretariat of state will now be held and managed by the Vatican’s treasury office as separate funds that are accounted for in the Holy See’s consolidated budget.

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