Financial Malaise in Vatican and No Solution?
Martyr Cardinal George Pell, then the Prefect of the Vatican’s Secretariat for the Economy, identified in October 2016 potential money laundering, fraud, six “ciphered” foreign bank accounts, secret particular assets and real estate transactions, held "off the books."
These risks were related to the APSA, the Administration of the Patrimony of the Holy See.
According to Edward Pentin (NCRegister.com, Jul 22) Pell contacted Australian banking friends in London in 2016. They estimated that possibly as much as €7 billion could be held in offshore accounts, like the Banca della Svizzera Italiana and Julius Bär, both located in Lugano, Switzerland.
Pell got the Vatican’s auditor general, Libero Milone, involved, received Pope Francis’ permission to act but the bank statements never made it to them. According to Pentin, their initiative was most likely sabotaged.
Pentin mentions the Vatican's London property at the prestigious Mayfair 176-206 High Street Kensington with 108 apartments and 57,000 square feet of shops.
In 2015, Cardinal Domenico Calcagno’s APSA bought it for €100 million. Pell refused to rubber-stamp the transaction but Francis overruled him. The purchase turned out to be a loss.
A second Vatican body with an apparent aversion to scrutiny is the Secretary of State. In 2017, it cancelled the first ever external audit. Also, Pell uncovered vast amounts of money that had not been recorded in financial statements: 94 million euros in the Secretariat for State and nearly 1 billion euros in various other dicasteries.
Now, according to Pentin, Archbishop Galantino, and the new sostituto, Archbishop Edgar Peña Parra, are allegedly making some progress in addressing financial mismanagement and possible corruption.
But Pentin quotes a voice stressing that a radical change of personnel is needed as it’s senseless to do any reform with the same corrupt people as before.
These risks were related to the APSA, the Administration of the Patrimony of the Holy See.
According to Edward Pentin (NCRegister.com, Jul 22) Pell contacted Australian banking friends in London in 2016. They estimated that possibly as much as €7 billion could be held in offshore accounts, like the Banca della Svizzera Italiana and Julius Bär, both located in Lugano, Switzerland.
Pell got the Vatican’s auditor general, Libero Milone, involved, received Pope Francis’ permission to act but the bank statements never made it to them. According to Pentin, their initiative was most likely sabotaged.
Pentin mentions the Vatican's London property at the prestigious Mayfair 176-206 High Street Kensington with 108 apartments and 57,000 square feet of shops.
In 2015, Cardinal Domenico Calcagno’s APSA bought it for €100 million. Pell refused to rubber-stamp the transaction but Francis overruled him. The purchase turned out to be a loss.
A second Vatican body with an apparent aversion to scrutiny is the Secretary of State. In 2017, it cancelled the first ever external audit. Also, Pell uncovered vast amounts of money that had not been recorded in financial statements: 94 million euros in the Secretariat for State and nearly 1 billion euros in various other dicasteries.
Now, according to Pentin, Archbishop Galantino, and the new sostituto, Archbishop Edgar Peña Parra, are allegedly making some progress in addressing financial mismanagement and possible corruption.
But Pentin quotes a voice stressing that a radical change of personnel is needed as it’s senseless to do any reform with the same corrupt people as before.