Tag Archives: finances

Representing 126 Billion dollars

126 billion.jpg

Yahoo News published a story this morning published online a story, “Forbes Photographs ‘Titans of Philanthropy‘” noting the group which represents $126 Billion dollars. How many of those photographed can you name? Honestly… I can name a few but not the entire group without help. My prayer for these people is that they give their money to good causes that genuinely promote the common good influenced by virtue.

In the Forbes photo, left to right: Warren Buffett,
Oprah Winfrey, Bill Gates, Melinda Gates, Peter Peterson, Leon Black, Jon Bon
Jovi, Marc Benioff, David Rubenstein, Steve Case, Laura Arrillaga-Andreessen,
Marc Andreessen

Pope appoints council for Financial Information Authority

Pope Benedict
XVI appointed  Attilio Cardinal Nicora, as president of the newly
created Financial Information Authority (FIA). Until now, the cardinal has been the
head of the Administration of the Patrimony of the Holy See. Also appointed on
Wednesday were the members of the executive council of the FIA: 

  • Claudio
    Bianchi, former professor of accounting at Rome’s La Sapienza University; 
  • Marcello Condemi, associate professor of economic law at Rome’s G. Marconi
  • Giuseppe Dalla Torre del Tempio di Sanguinetto, rector of Rome’s
    LUMSA University;
  • Cesare Testa, former president of the Central
    Institute for the Sustenance of the Clergy.

Surprisingly, no North
Americans were appointed.

The Financial Information Authority was formed on December
30 as an “autonomous and independent body with the specific task of
preventing and countering the laundering of money and the financing of
terrorism with respect to each subject, both legal and physical, entity and
institution of whatever nature, of Vatican City State, of the Dicasteries of
the Roman Curia and of all the other institutions and entities dependent on the
Holy See.”

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Pope issues new laws to conform Vatican to European financial controls


Pope Benedict XVI issued sweeping financial reforms for the Vatican City State and the Holy See in the aftermath of great confusion over perceived financial irregularities between the Italian State and the Institute of Religious Works (IOR). For the last six months the Pope has been dogged by accusations of another Vatican coverup of bad money deals causing unnecessary distractions. Recent mega-problems with financial and real estate matters at the Congregation for the Evangelization of Peoples, especially under the leadership of Cardinal Crescenzio Sepe, now the cardinal-archbishop of Naples, heightened papal awareness.
Clearly and consistently Benedict is interested in reform and renewal of the Church in all sectors and he sees this restructuring as part of the change needed. The Pope is cleaning a very dusty house. The new Laws conform to the Laws and principles in force in the European Union. A monetary agreement between the European Union and Vatican City State was signed on December 17, 2009. What’s at issue are the questions on how the various Vatican agencies use money. Particularly, “self-money-laundering, the controls on cash entering or leaving Vatican City State, the obligations regarding the transfer of funds, and the heavy administrative sanctions that are applicable not only to legal persons and entities but also to the physical persons who act on their behalf, by means of the binding recourse action.” Several other issues at hand are dealt with here: fraud and counterfeiting, protection of copyrights of money and circulation. None of the offices of the Vatican or the Holy See are going to exempt from financial oversight. Civil penalties will be imposed for violators. The Pope’s new laws take effect April 1, 2011.
Benedict created a new governing agency for money matters: the Financial Information Authority (FIA) –which will look to prevent and combat money laundering. Essentially, the Authority is a Vatican watch dog for money and other tangible assets.
The mindset of the Pope and his assistants is: “The Holy See welcomes this new commitment and will make these material resources that are necessary to the mission and duties of Vatican City State.” This is a moral and pastoral overhaul for the whole Vatican system.
For His Holiness, as the Communiqué says, “These new Laws are part of the Apostolic See’s efforts to build a just and honest social order. At no time may the great principles of social ethics like transparency, honesty and responsibility be neglected or weakened (cf. Benedict XVI, Caritas in Veritate, 36)
The Apostolic Letter in the Form of a Motu Proprio for the Prevention and Countering of Illegal Activities in the Financial and Monetary Sectors

You can read the Communiqué of the Secretariat of State regarding the new legislation for the prevention and countering of illegal activities in the financial and monetary sectors

The Director of the Vatican Press Office, Father Lombardi comments
A video clip from Rome Reports on the revision of the laws.

Pope against greed, financial improprieties

CNS is reporting that the Pope will publish a set of documents against greed and financial improprieties. The Pope is responding to all types of financial/economic/legal questions and problems that the Church and her faithful face today. The Holy See has faced some strange politics regarding the use of money viz. the Italian state. It is a safe bet that what is likely to be said by His Holiness ought to be reflected upon by all peoples in the financial markets, especially in the parishes. Bishops and pastors have had done some naughty things with the Church’s money in the past and that needs to be rectified now.

Rome Reports tells us that the Pope created the Vatican Central Bank. See the report here.

About the author

Paul A. Zalonski is from New Haven, CT. He is a member of the Fraternity of Communion and Liberation, a Catholic ecclesial movement, and an Oblate of Saint Benedict. Contact Paul at paulzalonski[at]yahoo.com.
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