new law on the administration and supervision of Vatican funds

The objective of the papal decision is “a improved organisation of the administration, supervision and surveillance of the economic and economic actions of the Holy See to be certain clear and efficient management and a obvious separation of duties and functions.”

Vatican Metropolis (AsiaNews) – Pope Francis has decided to reorganise the management and supervision of the Holy See’s economic functions. For this intent, a Motu Proprio was released right now that converts into regulation what he experienced by now prepared in the letter of 25 August 2020 to the Secretary of Point out.

The objective of the papal final decision is “a much better organisation of the administration, supervision and surveillance of the economic and money things to do of the Holy See to make sure transparent and efficient management and a crystal clear separation of responsibilities and functions.” This goal “represents a basic stage in the reform of the Curia.”

“On the basis of this theory, it is not acceptable that the Secretariat of Condition – which also supports additional closely and instantly the action of the Supreme Pontiff in his mission and represents an important stage of reference for the activities of the Roman Curia – to carry out those features in financial and economical matters currently attributed to other dicasteries.”

For that reason, “starting 1 January 2021, the ownership of money and bank accounts, securities and genuine estate investments, like investments in firms and investment decision cash, held hitherto in the identify of the Secretariat of State, is transferred to the Administration of the Patrimony of the Apostolic See, which will look following their administration and administration. They will be subjected to an ad hoc supervision of the Secretariat for the Economy, which from now on will also execute the purpose of Papal Secretariat for Economic and Monetary Issues.”

The new regulation, suggests a be aware from the Holy See’s Press Workplace, “reduces the range of financial decision-makers in the Holy See and concentrates administration, administration and financial and economic decisions in the Dicasteries suited for that intent.”

In certain, “the Administration of the Patrimony of the Apostolic See will represent a balance-sheet provision known as Papal Funds, which, for higher transparency, will be part of the consolidated financial statements of the Holy See, for which independent accounts ought to be kept, with the opening of unique sub-accounts for : a) the Fund known as ‘Peter’s Pence’, with all its several subdivisions and kinds b) the Fund known as the “Holy Father’s Discretionary Fund” c) each of the funds recognised as the ‘Entitled Funds’, which have a special use constraint established by the will of the donors or regulatory provisions.”

The allocation of these cash is matter to “the prior authorisation by the Prefect of the Secretariat for the Economic climate, who workout routines particular supervision by checking in progress that instructions gained from the Holy Father on the use of his funds are adopted.”

“With these choices,”  reads the press release, “ the Holy Father expresses his personal dedication, and that of the Roman Curia, to higher transparency, a clearer separation of functions, increased performance in supervision and greater compliance of the financial state of the Holy See to the mission of the Church, so that the Individuals of God who, with their generosity, aid to help the mission of the Bishop of Rome can do so with the self-confidence that their contributions are administered in an ample and transparent way, subject matter to the important checks.” (FP)