In a document issued December 28, Pope Francis formalized the transfer of financial responsibilities from the Vatican’s Secretariat of State to the Administration of the Patrimony of the Apostolic See (APSA), which functions as the Holy See’s treasury and sovereign wealth manager.
According to the report
, He first announced the shake-up in an August 25, 2020 letter to Vatican Secretary of State Cardinal Pietro Parolin that was made public on November 5, 2020, after the Secretariat of State was engulfed by accusations of financial mismanagement.
Under the new Law, APSA will gain ownership of funds, bank accounts, and investments, including real estate, previously administered by the Secretariat of State from Jan. 1, 2021.
The report claimed that Vatican officials have been forced to deny that money raised for Peter’s Pence was used to cover losses on a controversial London property deal overseen by the Secretariat of State.