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Vatican cracks down further on internal financial scandal

Nov 18, 2013, 12:34 PM EST
REUTERS/Stefano Rellandini

The Vatican has strengthened the independence of its internal financial regulator and hired the international accounting firm Ernst and Young to audit the agency that runs its day-to-day business operations including its money-spinning museums. Among the changes to the Vatican's Financial Intelligence Authority is a new office of prudential supervision, an agency that the Council of Europe’s anti-money laundering committee has called for to be established. Ernst and Young will examine the scandal-plagued Governatorato, which is accused of awarding contracts to Italian companies at inflated prices. Pope Francis has previously taken action against the Vatican Bank, which is being reformed after failing to meet international standards against tax evasion and the disguising of illegal sources of income.