Fiscal fallout at the Vatican
In keeping with Pope Francis’ growing reputation as an egalitarian-minded maverick, the Vatican announced Monday that he will begin revamping the Holy See’s financial operations by creating a new ministry, called the Secretariat of the Economy, that will have broad authority and report directly to him. The agency is expected to bring order and transparency to the notoriously secretive Vatican Bank, which critics charge operates like an offshore tax haven for organized crime and money launderers and is now mired in a string of corruption scandals. Last month, a senior cleric serving as a top Vatican accountant was charged criminally for trying to smuggle €20 million from Switzerland into Italy through the private, unregulated bank, which is formally known as the Institute for the Works of Religion (IOR). Headed by Australian Cardinal George Pell, a longtime reform advocate, the new ministry will be advised by a 15-person council that includes eight...