Home Breaking News Pope Francis dismisses entire board of Vatican’s financial regulator

Pope Francis dismisses entire board of Vatican’s financial regulator


The entire board of the Vatican’s financial regulator has been dismissed by Pope Francis as he looks to reform the city-state’s banking practices following a corruption scandal.

The move is also reportedly due to infighting among the “old guard”.

The Financial Intelligence Authority’s Italian, five-person board were due to see their terms expire in 2016.

They are being replaced with four international experts from Italy, Singapore, Switzerland and the US.

Pope Francis fired the entire board of the Vatican's financial regulator

Pope Francis fired the entire board of the Vatican’s financial regulator

The Vatican said the new directors include Juan Zarate, a former national security adviser to President George Bush, and Joseph Pillay, a civil servant and adviser to the president of Singapore.

The other two board members are Maria Bianca Farina, an executive at the Italian postal service and Marc Odendall, a Swiss financial consultant.

Pope Francis has sought to stamp out corruption and other abuses at the Vatican bank, which handles funds for the Catholic Church.

The Vatican bank is known officially as the Institute for Religious Works and has assets worth more than $8 billion.

However, it became embroiled in a scandal last year after senior cleric Monsignor Nunzio Scarano was arrested by Italian police for allegedly being involved in money-laundering.

Nunzio Scarano and two others face trial for trying to move 20 million euros illegally from Switzerland.

As a result, there has been push to align the Holy See’s finances with international transparency rules.

Pope Francis also issued a decree last year aimed at combating money-laundering and prevent any financing of terrorism.