The Vatican's Secret Millions: Pope Francis's Finance Minister Admits Holy See Squirrelled Away Hundreds of Millions off the Books

By Hannah Roberts
Daily Mail
December 4, 2014

http://www.dailymail.co.uk/news/article-2861070/The-Vatican-s-secret-millions-Pope-Francis-s-finance-minister-admits-Holy-squirrelled-away-hundreds-millions-books.html

Cardinal George Pell (pictured) has revealed millions of Euros have been found 'tucked away' off official balance sheets

The Vatican squirrelled away hundreds of millions of pounds in secret accounts, Pope Francis' minister for finance has revealed.

Australian Cardinal George Pell said that millions of euros had been found 'tucked away' off official balance sheets in governing departments' accounts, following a clean up of the Vatican's shadowy finances.

The bombshell statement follows the long overdue introduction of Vatican guidelines for modern accounting earlier this month.

The Cardinal was appointed by Pope Francis to clean up the Vatican's murky finances after a series of scandals involving the Vatican Bank which was suspected of money laundering.

The unexpected windfall meant that the Vatican finances were healthier than previously thought, Pell wrote in an article for the Catholic Herald.

'In fact, we have discovered that the situation is much healthier than it seemed, because some hundreds of millions of euros were tucked away in particular sectional accounts and did not appear on the balance sheet,' he wrote.

Vatican departments were untroubled by modern accounting norms and had long had 'an almost free hand' with their finances, he wrote.

They had a 'long-established' tradition of managing their own affairs, he wrote.

'Very few were tempted to tell the outside world what was happening, except when they needed extra help.'

'It was impossible for anyone to know accurately what was going on overall.'

Pell claimed that the financial reforms had achieved their aim and there was no chance of a return to the 'bad old days'.

Following his election last year, Francis immediately began major reforms to bring the Vatican into line with international standards on transparency and money laundering.

In January he sacked four cardinals – including former Secretary of State, Cardinal Tarcisio Bertone – from a five-member commission that oversees the Vatican bank.

Pope Francis arrives at Saint Peter's Square for his inauguration mass at the Vatican last year. The Vatican Bank's murky finances are undergoing a clean-up after a series of damaging scandals

In January, Pope Francis sacked former Secretary of State, Cardinal Tarcisio Bertone (pictured), from a five member commission that oversees the Vatican Bank's finances

Then in June he dismissed the entire board of the Vatican's financial regulator replacing them with experts.

Earlier this month Pell sent out a new handbook on financial transparency to all Vatican bodies.

'Those entrusted with the resources of the Church are accountable for the way those resources are used for pursuing the mission of the Church, and regular reporting is essential,' the letter read.