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Wednesday, February 26, 2014

Pope Francis Creates Vatican Finance Ministry Monday Feb 24,2014

Pope Francis on Monday Feb 24,2014 created a new finance ministry to oversee the Holy See's economic affairs in a move aimed at increasing transparency and boosting funds for the poor following a wave of scandals at the Vatican bank.

The Vatican Finance Ministry will be headed up by Australian Cardinal George Pell, and will prepare an annual budget for the Vatican as well as imposing international accounting standards and reporting practices

The Vatican Finance Ministry, formally a "Secretariat for the Economy", will be governed by a 15-member council of 8 clergymen from different parts of the world and 7 lay international financial sector experts.

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