Clean sweep of watchdog board

the entire board of the Vatican’s financial watchdog has been sacked by Pope Francis in his latest attempt to clean up the Holy See’s scandal-ridden banking system, writes Hannah Roberts. Two years before they were due to step down, the five Italians heading the Financial Information Authority (AIF) have been replaced with a more international group of experts, including one woman. The change follows reports of clashes between the board members and the body’s Swiss director, anti-money laundering expert Rene Bruelhart.

The new members are Marc Odendall, adviser to philanthropic organisations in Switzerland; Juan Zarate, a Harvard law professor who was a security adviser to George W. Bush; Joseph Yuvaraj Pillay, former managing director of the Monetary Authority of Singapore; and Maria Bianca Farina, head of two Italian insurance companies.

The Vatican said the Pope had thanked the “illustrious” former board members for their work.

Vatican spokesman Fr Federico Lombardi said the changes were in line with an “internationalisation” of the agency and were in response to the requirements of a new statute requiring professional and financial skills for key personnel of the AIF’s bodies. 

Benedict XVI created the watchdog in 2010 to supervise and regulate the Vatican Bank. In February, Pope Francis set up a new Secretariat for the Economy to oversee Vatican finances.

Cardinal George Pell is to have one of his closest advisers from Sydney with him in Rome, writes Mark Brolly. Sydney Archdiocese business manager, Danny Casey, has been appointed to lead the project management office at the Secretariat for the Economy, headed by Cardinal Pell.