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Pope’s Deadline for Transfer of Vatican Assets Fast Approaches

“Bid to end decades of mismanagement”

Pope Francis has laid down a deadline for the transfer of all Vatican assets to the Vatican’s own bank.

The Pontiff has marked the first of October as the deadline for “ all Holy See offices and Vatican-linked institutions to deposit their assets with the Vatican bank.”

ABC News reports the Pope’s  “decision earlier this year to entrust management of all Vatican assets to one office – the patrimony office known as APSA” was made “in a bid to end decades of mismanagement that culminated with a scandal over a 350 million-euro investment in a London property.”

The report continues that ten individuals, “including former Vatican officials and external brokers, are on trial in the Vatican tribunal on finance-related charges related to the deal.”

Those concerned were given only 30 days to move the assets with Vatican News stating, “ The Institute for the Works of Religion (IOR)—commonly known as the Vatican Bank—shall have exclusive competence over asset management and shall oversee the management of all the movable assets of the Holy See and its related institutions.” 

The announcement was made late last August.  

The Vatican Bank has long been mired by scandals of malpractice, and last year its former head Angelo Caloia was convicted of money laundering and embezzlement along with Gabriele Liuzzo, 97, “and his son Lamberto Liuzzo, 55, both Italian lawyers who were consultants to the bank.” 

 

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