Thursday, June 5, 2014

Pope Fires Board of Vatican Financial Watchdog; Replaces Vatican Board with 4 Financial Experts

Pope Francis sacked the five-man board of the Vatican's financial watchdog -- all Italians -- today (June 5, 2014) in the latest move to break with an old guard associated with a stigmatic past under his predecessor, according to the Reuters website.

The pope named four experts from Switzerland, Singapore, the United States, and Italy to replace them on the board of the Financial Information Authority (AIF), the Holy See's internal regulatory office.

All five outgoing members were Italians who had been expected to serve five-year terms ending in 2016 and were laymen associated with the Vatican's discredited financial old guard.

Reformers inside the Vatican had been pushing for the pope -- who already has taken a series of steps to clean up Vatican finances -- to appoint professionals with an international background to work with Rene Bruelhart, a Swiss lawyer who heads the AIF and who has been pushing for change.

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