Pope Francis signed a law over the weekend allegedly stripping the Vatican’s secretariat of state of its financial assets and real estate holdings after corruption allegations.
The law signed by Francis transfers all holdings to another office within the Vatican by Feb. 4, according to The Independent.
Pope formally strips Vatican secretariat of state of assets https://t.co/Wv7fDQWJZc
— The Independent (@Independent) December 28, 2020
Francis reportedly said the changes are meant to improve the administration’s control over the Holy See’s assets for a more “transparent and efficient management.” (RELATED: DC Quotes Pope Francis To Justify Worship Restrictions In Federal Court Fight With Catholic Churches)
The latest actions reportedly come after a multi-year investigation into mismanagement of donations by the Vatican’s secretariat of state.
Multiple officials within the department have been accused of corruption after an investigation into a $428,085,000 investment in a London residential building, The Independent reported.
The latest move by Francis reportedly reduces the secretariat of state’s power to any other department within the Holy See.
Now, the agency will be required to propose a budget that must be approved and monitored by others within the Holy See, The Independent reported.
The Holy See has reportedly seen a cash shortage after a loss in ticket sales from the Vatican Museums as a result of the COVID-19 pandemic.