Pope shakes up Vatican financial watchdog

Pope names new members to Vatican's financial watchdog, after sacking the entire Italian board.

    Pope shakes up Vatican financial watchdog
    The four new board members are from Italy, Singapore, Switzerland and the United States. [Reuters]

    Pope Francis has sacked the entire Italian board of the Vatican's financial watchdog, and installed a more international set of experts following clashes between the board and the agency's director.

    Five Italian members of the body who were appointed by the pope's predecessor, Benedict XVI, were dismissed.

    The four new board members named on Thursday are from Italy, Singapore, Switzerland and the United States, the Associated Press news agency reported.

    All five outgoing board members had been expected to serve five-year terms ending in 2016.

    The Vatican created the Financial Information Authority in 2010 to supervise and regulate the Holy See's financial activities and share financial information with other countries to comply with international anti-money laundering and anti-terror financing norms.

    Vatican finances have been hit by a series of scandals in recent years and two former directors of the Vatican bank, officially known as the Institute for Religious Works, are facing trial in Italy for money laundering.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    How different voting systems work around the world

    How different voting systems work around the world

    Nearly two billion voters in 52 countries around the world will head to the polls this year to elect their leaders.

    How Moscow lost Riyadh in 1938

    How Moscow lost Riyadh in 1938

    Russian-Saudi relations could be very different today, if Stalin hadn't killed the Soviet ambassador to Saudi Arabia.

    The great plunder: Nepal's stolen treasures

    The great plunder: Nepal's stolen treasures

    How the art world's hunger for ancient artefacts is destroying a centuries-old culture. A journey across the Himalayas.