St. Peter's Basilica in Vatican City. (photo: Samot / Shutterstock)
Under the new law, APSA will gain ownership of funds, bank accounts, and investments, including real estate, previously administered by the Secretariat of State from Jan. 1, 2021.
VATICAN CITY — Pope Francis issued a new law Monday reorganizing Vatican finances following a series of scandals.
In a document issued Dec. 28, the pope formalized the transfer of financial responsibilities from the Vatican’s Secretariat of State to the Administration of the Patrimony of the Apostolic See (APSA), which functions as the Holy See’s treasury and sovereign wealth manager.
He first announced the shake-up in an Aug. 25 letter to Vatican Secretary of State Cardinal Pietro Parolin that was made public on Nov. 5 after the Secretariat of State was engulfed by accusations of financial mismanagement.
The pope promulgated the new law in an apostolic letter issued motu proprio (“on his own impulse”).
The text, entitled “A better organization” and released in Italian, also set out new regulations for the oversight of Peter’s Pence, an annual worldwide collection supporting the pope’s mission. …