What's up with this? https://www.catholicnewsagency.com/...-to-move-all-funds-to-vatican-bank-by-sept-30
https://www.yahoo.com/now/pope-further-tightens-controls-centralisation-134723093.html Pope further tightens controls, centralisation of Vatican finances Tue, August 23, 2022, 9:47 AM Pope Francis' weekly general audience at the Vatican By Philip Pullella VATICAN CITY (Reuters) - Pope Francis on Tuesday acted to eliminate wiggle room or foot- dragging by Vatican departments in imposing tighter financial controls, setting a deadline for the closing of investment portfolios in foreign banks, including in Italy. Francis issued a document known as a "rescriptum," or re-writing, making clear that all investments by all departments would have to go through the Vatican bank under new rules that come into effect on Sept. 1. A greater role for the bank is a key plank in a centralisation policy announced last month that strips all Vatican departments of the ability to invest their funds independently. It was this practice that allowed the Secretariat of State to invest directly in a London building that is at the centre of a corruption trial. The botched deal resulted in a loss of 140 million euros ($139.17 million). All the defendants have denied wrongdoing. Tuesday's papal document clarified that there were no exceptions to the rule regarding the central role of the Vatican bank, officially known as the Institute for Works of Religion (IOR), as stipulated in an article of the Vatican's new constitution, issued on March 19. In July, the Vatican issued an new overarching policy on investments to ensure they are ethical, green, low-risk, and avoid weapons industries or health sectors involved in abortion, contraception or embryonic stem cells. The policy ordered Vatican departments to close their investment accounts or stock holdings in foreign banks, including in Italy, and transfer them to the IOR, to be overseen by a department called the Administration of the Patrimony of the Holy See (APSA). In Tuesday's document, the pope set a deadline of Oct. 1 for the transfers to be completed, indicating that some departments were dragging their feet. The Vatican's financial investments, excluding real estate, are estimated at just under 2 billion euros. In June, the Vatican established a committee to oversee investment ethics. It is made up of non-Italians: Irish-American Cardinal Kevin Joseph Farrell, who is based at the Vatican, and four outside lay financial experts in Britain, Germany, Norway and the United States. Many Vatican financial scandals in the past have stemmed from an abundance of trust in financial managers, almost always Italians, who were friends of Vatican officials. Discussing finances in an exclusive interview with Reuters last month, Pope Francis gave the example of priests who had no financial experience being asked to manage the finances of a department and who in good faith sought help from friends in the outside financial sector. "But sometimes the friends were not The Blessed Imelda," the pope said, referring to a 14th-century, 11-year-old Italian girl who is a symbol of childhood purity. Francis blamed "the irresponsibility of the structure" for past financial scandals. ($1 = 1.0059 euros) (Reporting by Philip Pullella; Editing by Mark Heinrich)
I don't normally take an interest in financial articles, but I'll keep an eye out for an explanation from experts. Catherine Austin Fitts often talks about Vatican finances, I'm sure she'll have an opinion. She understands the financial world very well, but not sure how much she knows about how this move will trickle down internally. The Pope's rescript document is here and is translated below. It says that the Institute for Works of Religion will have exclusive responsibility of the assets. I wonder what organisations will be affected by this? Instruction on the administration and management of financial assets and liquidity of the Holy See and of the institutions connected with the Holy See. 1. The Holy Father Francis, in the audience granted to the Secretary of State, on 22 August, decided to issue this Instruction on the administration and management of the financial assets and liquidity of the Holy See and of the institutions connected with it. 2. The Holy Father has disposed that it should have the nature of an authentic interpretation of the provisions in force and have firm and stable force, notwithstanding anything contrary, even if prior to the Rescript or specifically referring to special things. 3. Article 219, paragraph 3, of the Apostolic Constitution Praedicate Evangelium, issued on 19 March 2022, must be interpreted as meaning that the activity of asset manager and depositary of the movable assets of the Holy See and of the institutions connected with the Holy See is the exclusive responsibility of the Institute for Works of Religion. 4. The Holy See and the Institutions connected with the Holy See that are holders of financial assets and liquidity, in whatever form they are held, in financial institutions other than the IOR must inform the IOR and transfer them to it as soon as possible within 30 days from 1 September 2022. 5. It enters into force immediately through publication in the Osservatore Romano. Any acts previously adopted in discrepancy must be brought into compliance with these instructions I don't know what it means, but get the feeling it will contribute to the purification of the Church.
I have a suspicion. So far this man has confirmed my suspicions, so if it does happen it would be another sign to add to my list. When a politician does something voters wouldn’t like he makes it looks like his hands were tied and he had no choice.
Are you really up for discussing the resignation? If we are permitted to do so you might have to accept that Francis has been blaspheming and contradicting God for many years. I’ll say it straight, in case not saying it offends people, assets can be seized in the case of a disaster. Will they? Let’s see. Probably months or years away when this story is not in our short term memory. Based on his previous actions and words this is not simply a rash suspicion.
Pope and Vatican to be sued by former Auditor General and his assistant for $10 million for forced resignations, damage to reputation and false accusations. Vatican Bank Auditor sues Pope Francis and Vatican for $10 million - Dr. Taylor Marshall - YouTube
Here is the interview with Edward Pentin Ex-Vatican Auditor General Libero Milone Discusses His Claim Against the Vatican
