News by email Donate

Suggestions

Top Stories

Most Read

Popular Videos

Vatican-main_article_image.jpg
Jean-Pol Grandmont
World News

Board members quit Vatican bank in wake of scandal

by Hannah Tooley

Reforms under Pope Francis, by the Institute for Religious Works, has tried to make the church be a less a profit-at-all cost investment vehicle and more a service-oriented foundation.

The pontiff wants the bank to help religious orders and Vatican officials better-manage their money.

The Vatican said the resignation of Clemens Borsig and Carlo Salvatori from the bank's board "can be seen in light of legitimate reflections and opinions" about the management of such an unusual institution.

AP Photo/Andrew Medichini

The bank has been going through a years-long process to comply with international anti-money laundering norms after a series of scandals.

Last year the Vatican's bank manager resigned and the institution had its accounts frozen by the state's top prosecutor amid allegations of embezzlement.

In the past few years the organisation has been through massive restructuring under Pope Francis as he attempted to stamp out corruption.

Prior to Francis' reorganistion there were allegations that the Vatican Bank was used by money launders forced Pope Benedict to start a process of reform at the organisation.

Since the election of Pope Francis the bank has been ordered to be more transparent.

Continue the conversation on our Facebook page

A Monthly Gift Of $11 Makes A World Of Difference

In a world of fake news there’s never been a greater need for quality Christian journalism. Premier’s mission is to provide the Church with the most up to date and relevant news, told from a Christian perspective. But we can’t do it without you.

Unlike many websites we haven't put up a paywall — we want to keep our journalism free at the point of need and as open as we can. Premier’s news output takes a lot of time, money and hard work to produce. No one in the USA is sharing news like we are across radio, magazines and online so please help us to continue that today.

For a monthly gift of $11 or more we’d also be able to send you a free copy of the brand new Premier Bible, a wonderful Anglicised version of the NLT packed with exclusive bonus content, reading plan and resources to help you get the most out of scripture.

Your monthly support will make a world of difference. Thank you.

Support Us

Related Articles

Sign up to our newsletter to stay informed with news from a Christian perspective.

News by email

Connect

Donate

Donate