Pope Francis Sacks Entire Board of Vatican’s Financial Watchdog

Pope Francis Sacks Entire Board of Vatican’s Financial Watchdog

Juan C. Zarate

 

Noah Rayman@noahrayman

11:30 AM ET

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The pontiff has replaced the all-Italian board of the Financial Information Authority with an international group of new members – including Juan C. Zarate, a Harvard professor and former Bush Administration official

Pope Francis replaced the entire, all-Italian board of the Vatican’s internal financial watchdog Thursday amid clashes over the pace of reform, the Boston Globe reports.

The Financial Information Authority was created in 2010 to combat money laundering and bring the Vatican into compliance with international standards, and Pope Francis has brought a renewed focus on the agency since he was elected over a year ago and made financial reform a priority.

But the board has faced infighting since Swiss anti-money-laundering expert Rene Bruelhart became its director in 2012, capped by Italian Cardinal Attilio Nicora’s resignation as its head in January.

Pope Francis and Bruelhart have pushed for a more international board, with new members hailing from Italy, Singapore, Switzerland and the U.S., including Juan C. Zarate, a Harvard professor and a former official in the George W. Bush administration.

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