Pope Francis imposes deadline for Vatican to transfer assets to bank

Last Tuesday, Pope Francis imposed a deadline for the Vatican to deposit their assets from all Holy See offices and Vatican-linked institutions to the Vatican bank.

Pope Francis has followed with his decision early this year to entrust nearly all of the Vatican’s assets to the sole office known as the Offices Administration of the Patrimony of the Apostolic See (APSA).

This decision would put an end to decades of mismanagement that culminated with a scandal over a 350-million-euro investment in a London property. The scandal involves ten individuals including a former Vatican officials and outer external brokers who are on trial in the Vatican tribunal. 

In early July, the Vatican’s economy ministry issued an investment policy that would require all Vatican departments to transfer their assets and any investments to the Offices Administration of the Patrimony of the Apostolic See.

The imposing fixed deadline needed a new decree and stressing there were no exceptions to regulation which suggests that certain offices were in the hopes of keeping an external investment. 

The Vatican bank has been mixed in numerous scandals but has spent the last few years cleaning up their books and ridding itself of any reputation as an offshore tax haven.