As the world waits for the Vatican’s conclave to select a new pope to lead 1.2 billion Roman Catholics, and the church’s sex abuse scandals dominate discourse on the incoming pontiff’s priorities, another decidedly worldly issue is also poised to take an immediate toll on the new Holy Father: money.Vatican bank poses problem for new pope | National Post
The public and private woes of the Vatican bank, long shrouded in secrets and whispers, might well prove to be just as challenging, if not as draining, as the lurid, faith-shaking damage of the clergy abuse scandal.
With a two-year probe by Italian authorities into money laundering, poor transparency, inadequate adherence to standards for guarding against criminal and terrorist financing, and questions over sudden changes in its leadership, the bank represents another crisis of morals, legalities and perception.
The importance of the Vatican bank in Pope Benedict XVI’s grand vision can be assumed from the urgency it held with the outgoing pontiff: among the last official acts before his shock retirement was overhauling financial leadership and church oversight.
On Feb. 15, Benedict XVI approved the appointment of Ernst von Freyberg as the new president of the supervisory board of the Institute for Works of Religion, the church agency widely known as the Vatican bank.
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Saturday, March 09, 2013
Vatican bank poses problem for new pope | National Post
Vatican bank poses problem for new pope | National Post
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