With papacy, Leo XIV has inherited the Vatican Money troubles. world News

Rome, May 10, 2025 -With the spiritual leadership of 1.4 billion Catholics of the world, Pope Leo XIV has now received monitoring the vatican’s inferior finance -and their predecessor’s efforts to clean them.According to the Vatican, Holi -C accounts had a strict position among the subjects of cardinals working with the successor of Pope Francis. His pick, American Robert Francis Prevost – Now Leo XIV – is likely to continue Francis’ push to bring some orders, the chairman of the Vatican Bank, known as the Institute for Works of Region (IOR). “Francis has begun the process, I am sure Leo XIV will continue,” Jean-Baptist de Francesu, a French businessman, appointed by Francis in 2014, as part of a radical overhaul of the economic structure of The Holi C, told AFP. The Vatican hospitals, running museums and the owner of a huge real estate portfolio, along with donating from loyalty, along with charity. Nevertheless, its finance regularly runs in red color. In 2023, it reported a consolidated loss of about 70 million euros ($ 79 million) on revenue of 1.2 billion euros. Catholic Church’s economic matters have long been Merky and Scandal-hit.In one example, in 1982, Banco Ambrosiano-Ek Bank collapsed amid allegations of money-laundering mafia under the ownership of the majority of IOR. Its director, Roberto Calvi, was found hanging from London’s Blacks Bridge in the same year.Resistance resistance When Francis became the Pope in 2013, things did not improve much. The Central Bank of Italy had recently suspended all bank card payment in Vatican, failing to implement money-laundering laws, and a year ago the US added small town-state to the list of countries of concern for money-laundering. In 2014, Francis created a special secretariat for the economy, which climbed on corruption and was investigating investment.“There was no strong governance, the rules were not respected, we did not have the right ability,” D Francassu recalled his early days in the IOR.Francis once corrected the attempt and brought transparency in the books, “to clean the Egyptian sphinches with a toothbrush”, but the efforts created some results, including closing approximately 5,000 suspected bank accounts.Vatican’s reputation improved: It joined the single euro payment area and was later appreciated by the Council of Europe for its fight against money laundering. “We have been more resistant than those who wanted to resist,” said D Francassu.Still problems remain. Italian Cardinal Angelo Besiu, a former advisor to Francis, was once one of the most powerful figures in the Vatican, sentenced to five years and six months in jail for embezzlement in 2023.He was one of the 10 defendants in a test, which began in 2021, focused on a devastating investment by the Vatican in a luxury building in London. The accused included financiers, lawyers and pre-Vatican staff, who accused the prosecution of a series of financial offenses, called “rotten hunters and attractive systems”.The test included a risky purchase of a building in London’s upmarket Chelsea neighborhood, resulting in major damage to the Vatican. The scam was particularly embarrassing because the church funds used for such enterprises also came from Peter’s Pence, the funds donated by the loyalty for the charity of the Pope.Beciu – which was previously removed from the post and snatched his cardinal “rights and privileges” and thus did not participate in the conclave who chose Leo XIV – an appeal. Financial challenges facing Leo include loyal, rising employees’ costs and a decline in donation from a delicate retirement system.Francis stated that last year “Currently” cannot guarantee the fulfillment of pension liability for future generations in the medium period “.