Pope Francis has moved decisively to clean up corruption in Vatican finances and to avoid a repeat of the high-profile botched investment in a London property that resulted in a loss of 140 million euros.
The Holy Father issued a document called a “rescriptum”, which explicitly ordered all investments made by Vatican departments to proceed through the Institute of Works of Religion (IOR), also known as the Vatican bank.
The order gives all Vatican departments until October 1 to close their investment accounts or stock holdings in foreign banks, including those in Italy, and to transfer them to the IOR.
