Pope Francis formally relieves Secretariat of State of all assets – reports

Vatican Media

Tista' taqra bil- Malti.

In a new law passed over the weekend, Pope Francis has formally relieved the Vatican secretariat of state of all its financial and real estate assets, international media has reported.

This comes amidst allegations and investigations of mismanagement of donations and investments. It is believed that this has resulted in losses of tens of millions of euros at a time of financial crisis for the Holy See.

ABC News reported that the Pope had already ordered the transfers in August and followed up in November by appointing a commission to put the changes into effect. The new law makes the changes permanent and sets a firm date for their execution.

Pope Francis took a hard stance against his own secretariat of state amid an 18-month investigation by Vatican prosecutors into the office’s €350 million investment into a luxury residential building in London’s Chelsea neighbourhood and other speculative funds.