The new rules have become effective and the Vatican has changed the structure of the department that deals with the economy, from being a ‘Court of accounts’ that monitors the Vatican administration to a Pontifical Ministry of Financial Orientation and Programming.
This is a mini-revolution that will touch the Prefecture for the Economic Affairs of the Holy See (led by Versaldi who is supported by Bertone) and indirectly the whole system of economic power in the Roman Curia.
It is another step in the progressive revision of administrative laws, in a time when the department has been the centre of tales of poison pens and leaks.
Meanwhile, after the Moneyval Anti-Money Laundering inspection, that will decide whether the Vatican can be admitted in the Ocse’s ‘White list’ (a record of financially virtuous countries), the Milan branch of JP Morgan bank has ended its relationship with the Ior, since the Vatican body has been investigated for a long time by the Public Prosecutor of Rome for breaking laws against money laundering.
The reason for the split is explained in the letter sent by JP Morgan. It is acknowledged that the Ior cannot answer to the requests for further information regarding some payments involving the account the Vatican held in the JP Morgan Milanese branch.
The reformed Vatican regulation includes 34 articles (preview on the website «Korazym») and it confirms the increased number of areas of influence and functions for the Prefecture that will now become a real Ministry “in charge of the orientation and programming of the Vatican economy, as well as overseeing and monitoring the administrative offices of the Holy See”.
Until now the prefecture’s job was simply to ‘oversee and monitor’.
Now aside from being a ‘Court of accounts’ the prefecture will also take on the role of Ministry of Finance.
There will be five international reviewers with a three-year mandate appointed by the Pope.
They can be reconfirmed for three terms, nine years in total, while before they could only be renewed for one term.
A committee including the “former leaders of the department with the support of the Secretariat of state” launched the new regulation as explained by cardinal Giuseppe Versaldi in the introductory letter.
The regulation fulfils the need for adjustment of the Church mission in the light of the changed social and economic conditions in today’s world”.
The objective is to manage and use the resources of the Holy See in a responsible and controlled manner for spiritual gain, so that the Church can fulfil its mission in the world with efficiency and sobriety.
The Ministry’s functions are defined in 7 sub paragraphs concerning the care and preparation of financial statements, acts of extraordinary administration and statements’ revision.