VATICAN CITY
Bloomberg

By Lorenzo Totaro – Jul 19, 2013

Pope Francis set up a committee to overhaul the Holy See’s financial structure and improve its transparency following several corruption investigations.

The eight-member panel will propose solutions “to avoid the misuse of economic resources, to improve transparency in the processes of purchasing goods and services,” the Vatican said in a statement on its website today. It will also give advice on how “to work with ever greater prudence in the financial sphere,” according to the statement, which didn’t mention the Vatican Bank by name.

The bank’s director Paolo Cipriani and deputy director Massimo Tulli stepped down July 1. Their resignations followed the arrest on June 28 of a senior Vatican cleric in a corruption investigation that’s part of a wider probe into the bank’s transactions. On July 10 the Vatican said it may extend its probe of suspicious bank…