Pope Francis created new Ministry of Finance to supervise the Holy See’s economic affairs. The new department is supposed to frame economic and administrative policies as well as to plan annual budget. George Pell, cardinal from Australia, will head the ministry, which will be governed by 15 members. Eight of them are clergymen from different parts of the world, while the other seven seats will be occupied by financial experts.
Vatican's Administration for the Patrimony of the Holy See or A.P.S.A. will be reorganized into the central bank. The Institute for Works of Religion (IOR) which is commonly known as the Vatican Bank is not going to be reformed so far. Of 2012, the bank reported on the net profit of €86.6 million.
The financial system reform was initiated by the Council of Cardinals appointed by Pope Francis in spring 2013 right after his election. The Holy See was forced to carry out such a transformation after the international community criticized for the insufficient antifraud policy.
In 2010, the Vatican established FIA (Financial Information Authority) that was drafted to control the IOR. The latter got through the scandal that broke in 2012. As the result, its then-president Ettore Tedeschi had to resign. His dismissal coincided with the time when the Vatican Bank was accused of money laundering.
