Connect with us

Four Key Vatican Financial Reforms

Published

on

Pope Francis recently announced plans to revamp the Vatican’s financial system, consolidating management and increasing transparency. The papacy issued a press release Monday outlining the restructuring process, which included four notable reforms.

1. Creation of a new Council for the Economy composed of 8 cardinals or bishops and 7 “lay experts of different nationalities with strong professional financial experience.”
2. Establishment of a new “Secretariat for the Economy” department headed by a cardinal prefect, which will report to the Council for the Economy.
3. Appointment of an auditor-general with the power “to conduct audits of any agency of the Holy See and Vatican City State at any time.”
4. The Administration of the Patrimony of the Apostolic See (APSA), the Vatican’s current real estate management arm, will become the Central Bank of the Vatican with “all the obligations and responsibilities of similar institutions around the world.”

The Secretariat of the Economy will preside over “all economic and administrative activities within the Holy See and the Vatican City State,” including human resources, financial planning, preparing an annual budget, and procurement. Pope Francis named Cardinal George Pell, the current Archbishop of Sydney, Australia, to the position of Prefect.

The Council for the Economy will convene regularly to discuss policies and practices to be implemented by the Secretariat. It will also prepare and analyze reports on the Holy See’s economic and administrative undertakings.

The pope’s announcement came after the conclusion of an extensive examination by the Pontifical Commission for Reference on the Organization of the Economic- Administrative Structure of the Holy See (COSEA). COSEA recommended, among other things, “the adoption of accounting standards and generally accepted financial management and reporting practices as well as enhanced internal controls, transparency and governance.” Pope Francis’ governance advisory council (8 cardinals) and the Holy See’s financial affairs committee (15 cardinals) endorsed COSEA’s recommendations.

“The changes will enable more formal involvement of senior and experienced experts in financial administration, planning and reporting and will ensure better use of resources, improving the support available for various programs, particularly our works with the poor and marginalized,” the Vatican said in the press release.

Grant & Eisenhofer Reveals Fortis Investors to Receive $1.5 Billion in Mega Settlement

Published

on

Law firm Grant & Eisenhofer won a landmark case for its clients after a seven-year legal duel in Dutch courts. On July 13, 2018, the Amsterdam Court of Appeals officially approved the largest securities settlement ever reached in Europe, paving a path for international insurance company Ageas N.V./S.A. to begin payment of US$ 1.5 billion (€1.3 billion) to multiple groups of institutional and individual investors from Europe and the United States. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

State Street to Buy Charles River Systems

Published

on

State Street Corporation inked a deal to acquire Charles River Systems, Inc. (Charles River Development), a provider of investment management front office tools and solutions. Under the terms of the agreement, State Street will purchase Burlington, Massachusetts-based Charles River Development in an all-cash transaction for US$ 2.6 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

FINMA Announces Rothschild Bank Broke Anti-Money Laundering Rules over 1MDB Fiasco

Published

on

The Rothschild Bank AG and one of its units called Rothschild Trust (Schweiz) AG got slapped with serious violations of anti-money laundering in regard to the 1MDB scandal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Popular

© 2008-2018 Sovereign Wealth Fund Institute. All Rights Reserved. Sovereign Wealth Fund Institute ® and SWFI® are registered trademarks of the Sovereign Wealth Fund Institute. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. No affiliation or endorsement, express or implied, is provided by their use. All material subject to strictly enforced copyright laws. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. SWFI is a minority-owned organization.