TOP

Vatican financial regulators sacked

By Vision Reporter

Added 6th June 2014

Pope Francis on Thursday named four new members to the Vatican''s Financial Information Authority including a former security adviser to US President George W. Bush, sweeping away an "old guard" of Italian appointees.

2014 6largeimg206 jun 2014 104050647 703x422


Pope Francis on Thursday named four new members to the Vatican's Financial Information Authority including a former security adviser to US President George W. Bush, sweeping away an "old guard" of Italian appointees.


Juan Zarate from the Centre for Strategic and International Studies, who was Bush's deputy national security adviser for counter-terrorism, will now have to enforce transparency rules for scandal-hit Vatican finances.

The three others chosen are Italian manager Maria Farina, Swiss financial consultant Marc Odendall and Joseph Pillay, who helped build up Singapore's economy as a top civil servant and businessman, the Vatican said in a statement.

Five Italian members of the body who were appointed by the pope's predecessor, Benedict XVI, were also dismissed.

A source told Vatican affairs news agency I.MEDIA that this was part of a bid by Francis to get rid of the "old guard".

Vatican finances have been hit by a series of scandals in recent years and two former directors of the Vatican bank, officially known as the Institute for Religious Works, are facing trial in Italy for money laundering.

Benedict XVI and Francis have instituted a series of major reforms to clean up the bank and promote greater transparency in a bid to align the Vatican with international financial norms. AFP

RELATED STORIES 

 Divorce debate challenges Pope Francis

Cancellation of Pope Francis' visit explained

Pope Francis leads Easter celebrations

Pope Francis leads Easter celebrations

Pope Francis meets 10,000 engaged couples on Valentine’s Day

Vatican financial regulators sacked

More From The Author

Related articles