VATICAN CITY
Headlines from the Catholic World
October 21, 2013 By CNA Daily News
Vatican City, Oct 21, 2013 / 02:12 pm (CNA/EWTN News).- As Vatican City commits to financial transparency, the hiring of a risk-management company to review the Administration of the Patrimony of the Apostolic See may reveal differing opinions about financial reform.
The Administration of the Patrimony of the Apostolic See – APSA – is the office that handles the Vatican’s investment portfolio and its real estate holdings, as well as serving as the Vatican employment office and procurements agency.
APSA announced Oct. 15 that a “due diligence” review by the Promontory Financial Group had begun. Promontory had already been hired to review all the accounts and the procedures of the Institute for Religious Works, the so-called ‘Vatican bank’.
Due diligence is the “evaluation of risks” in investments and loans, particularly with regards to the clients in a bank.
However, APSA is not a bank. The Holy See told evaluators from Moneyval, the European Council committee that evaluates adherence to anti-money laundering standards, that while APSA holds some accounts, such banking-type activity is minimal and will be closed.
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