Pope Francis has taken a major step to improve the management of Vatican assets by declaring all assets and property owned by Vatican departments and affiliated institutions as sovereign patrimony owned by the Holy See, rather than any individual or office.
This move is aimed at centralizing the management of Vatican assets, which has been plagued by years of mismanagement and criminal activity that resulted in significant losses.
In a new law published on Thursday, Pope Francis announced the nationalization of all Vatican assets, which is part of his efforts to ensure proper management of these assets. Earlier, Francis had also taken action by removing the Vatican’s secretariat of state from its 600 billion-euro ($635 billion) portfolio and ordering the assets to be transferred to the Vatican’s patrimony office.
This was in response to a scandal involving a 350 million-euro investment in a London property.
The move by Pope Francis is necessary to prevent further criminal activity and ensure proper management of Vatican assets. Vatican prosecutors have already charged 10 individuals, including a cardinal, with defrauding the Holy See of tens of millions of euros through the London venture.
By nationalizing Vatican assets, Pope Francis hopes to prevent such incidents from happening again in the future.
The new law makes clear that the Holy See owns any asset, security or property owned or acquired by a Vatican office or affiliated institution. This “ecclesiastic public property” is “entrusted” to individual departments to use but is destined for the universal needs of the church to fulfill its mission, the law states.
As part of his efforts to reform the Vatican’s financial practices, Pope Francis has implemented a number of measures. One of these measures was the introduction of standardized annual budgeting and accounting measures for all Vatican offices.
Prior to this, individual offices, known as congregations, were allowed to operate independently in terms of finances.
Additionally, the pope has centralized and restructured the Vatican’s investment strategy. The focus now is on prudent investments in industries that promote the common good. Speculative investments have been banned.
These changes are aimed at improving the transparency and accountability of the Vatican’s financial operations, as well as promoting socially responsible investing.
Kind of like this Government States yake it in Give it to the FEDs ad the FEDs give wgat they want when they want AND IF the states does as told by the FEDs
Also, all RELIGIONS are evil foreign psychotic mass murderous mental illness and an ADDICTION to being LIED TO, an ENFORCED PSYCHOSIS, and, of course, written orders from their evil handbooks for their customers to automatically instantly HATE, HURT, and MASS MURDER everyone on the planet not of the exact same religion…