Vatican Faces New Financial Allegations Amid Restored Confidence
Recent allegations of financial misconduct threaten to tarnish the Vatican’s efforts to recover from past scandals. Former chief auditor, Libero Milone, claims to have found evidence suggesting that financial transactions were manipulated to bypass established restrictions, raising concerns about the integrity of the Vatican’s recent fiscal improvements, reports 24brussels.
Milone did not specify how these alleged manipulations occurred, but his statements emerge as the Vatican attempts to rebound from a notable budget deficit exacerbated by a decline in donations during Pope Francis’s tenure. The election of Pope Leo was partly motivated by the cardinal’s desire for a leader capable of restoring trust among influential donors, particularly from the United States.
The Vatican’s recent financial reports had initially boosted confidence, with the Institute of the Works of Religion (IOR) announcing substantial earnings earlier this year. Following suit, the Administration of the Patrimony of the Apostolic See (APSA) revealed a profit of €62.2 million for 2024, compared to €45.9 million in the previous year. However, Milone’s accusations could undermine this recent progress and revive memories of historical financial scandals.
Past scandals include investigations into the IOR’s alleged complicity in laundering money for mafia-related activities to support anti-communist movements in Latin America and Eastern Europe during the late 20th century. The tragic death of banker Roberto Calvi, known as “God’s banker,” in 1982 has loomed large over the Vatican’s financial history. Found hanging under London’s Blackfriars bridge, Calvi was rumored to have collaborated with a network of influential figures, including far-right politicians and U.S. intelligence officials. While the Vatican has never admitted legal wrongdoing, it has acknowledged “moral involvement” in the collapse of Calvi’s bank, Banco Ambrosiano.
The Vatican’s recent past has also been marred by the conviction of Cardinal Giovanni Angelo Becciu, who was found guilty of misappropriating funds intended for charitable activities in his native Sardinia and was implicated in a disastrous London real estate venture that ultimately cost the Vatican over €100 million in losses.
As allegations surface, the Vatican faces a critical juncture, balancing efforts to fortify investor confidence while navigating the shadows of its financial history. The integrity of its financial systems and the credibility of its leadership are under significant scrutiny.
