By June 9, 2014 0 Comments Read More →

Pope Fires ENTIRE Financial ‘Watchdog’ Board Overseeing Vatican Money

Pope Francis recently fired all of the five-man board which makes up the Vatican’s financial watchdog last Thursday. This comes as the latest move by the Pope to break with an old guard associated with the shady past under his predecessor.

Now, the Vatican says that the Pope is naming four experts from Switzerland, Singapore, the United States and Italy as replacements for the fired board. These replacements now comprise the board of the Financial Information Authority (AIF), the Vatican’s internal regulatory office.

Most surprising of all? This new board for the first time actually includes a woman.

All of the sacked former members were Italians, as compared to this new more diverse group of board members.

Rene Bruelhart, a Swiss lawyer who heads the AIF and who has been pushing for change, is Liechtenstein’s former top anti-money laundering expert. He has commended Francis for appointing global professionals like him.

“Bruelhart wanted a board he could work with and it seems the pope has come down on his side and sent the old boy network packing,” a Vatican source said.

As if all of this were not enough, the new board of the AIF includes Marc Odendall, an advisor and administer of philanthropic organizations in Switzerland. It also includes Juan C. Zarate, a Harvard law professor who is a senior advisor at the Center for Strategic and International Studies, a Washington D.C.-based think tank.

The two remaining board members are Joseph Yuvaraj Pillay, the former managing director of the Monetary Authority of Singapore and senior advisor to the country’s president, as well as Maria Bianca Farina, who is the head of two Italian insurance companies.

Since Bruelhart’s arrival in 2012, the AIF has spearheaded reforms that are bringing the Vatican in alignment with international standards related to financial transparency and money laundering.

Posted in: Politics, Religion

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