Click here to advertise on CatholicCulture.org

Vatican's financial watchdog steps down from second post to avoid conflict of interest

Catholic World News - July 07, 2011

Cardinal Attilio Nicora has resigned his post as president of the Administration of the Patrimony of the Apostolic See (APSA) in order to concentrate on his duties as president of the newly created Financial Information Authority (FIA).

By stepping down from his post at APSA, Cardinal Nicora eliminates questions about a potential conflict of interest. As head of the FIA, the cardinal was responsible for ensuring the transparency of financial transfers by all Vatican agencies. APSA, which supervises the Vatican’s real-estate portfolio, was one on the offices that falls under the FIA’s purview.

The FIA was created last December in response to sharp criticism of the Vatican bank by Italian officials. Anxious to comply with new European regulations against money-laundering—and thus to gain a place on the “white list” of accredited institutions—the Vatican imposed new rules for accounting for all financial transactions. FIA is charged with enforcing those rules.

Criticism of the Vatican bank has eased since the new rules came into force, and Italian banking officials have released the €23 million in Vatican funds that were frozen during an investigation into money-laundering charges. But European officials continued to express concern about the possible conflicts of interest that Cardinal Nicora faced as head of both the APSA and FIA.

Archbishop Domenico Calcagno, who has been the secretary of APSA, will move up to replace Cardinal Nicora as president. Msgr. Luigi Misto, who has handled financial affairs for the Milan archdiocese, will become APSA’s new secretary.

Additional sources for this story
Some links will take you to other sites, in a new window.

An appeal from our founder, Dr. Jeffrey Mirus:

Dear reader: If you found the information on this page helpful in your pursuit of a better Catholic life, please support our work with a donation. Your donation will help us reach seven million Truth-seeking readers worldwide this year. Thank you!

Our Fall Campaign
Progress toward our year-end goal ($25,337 to go):
$150,000.00 $124,662.96
17% 83%
Sound Off! CatholicCulture.org supporters weigh in.

All comments are moderated. To lighten our editing burden, only current donors are allowed to Sound Off. If you are a donor, log in to see the comment form; otherwise please support our work, and Sound Off!

There are no comments yet for this item.

Fall 2014 Campaign
Subscribe for free
Shop Amazon
Click here to advertise on CatholicCulture.org

Recent Catholic Commentary

Denial of Service Attack: Success! December 19
Federal debt as a social-justice concern December 19
Another side of Francis: US-Cuba role shows Pope's diplomatic muscle December 18
Silly season: a Christmas approaches, a scholar questions whether Jesus ever existed December 18
The intrinsic immorality of torture: still not convinced? December 18

Top Catholic News

Most Important Stories of the Last 30 Days
Pope Francis: Europe seems 'elderly and haggard' CWN - November 25
Pope Francis, Ecumenical Patriarch sign joint declaration, lament persecution of Christians CWN - December 1
Consistory for new cardinals scheduled for February CWN - December 11
Vatican report on US women religious calls for further self-assessment CWN - December 16
Pope brokered deal to open US-Cuba ties CWN - December 17