Vatican's Financial Secrecy Thrives Under Francis I Papacy

"Marc Odendall, a Swiss-German retired banker [and board member of the Vatican’s Financial Information Authority], tendered his resignation late Monday after Pope Francis decided not to renew the mandate of Rene Bruelhart, the president of the Vatican’s Financial Information Authority, or AIF. The Vatican says Bruelhart’s successor will be announced next week." [1]

"AIF remains an Egmont member, but is suspended from the secure communications network that is used to share confidential information in the global fight against money laundering and other financial crimes, [Marc Odendall] said." [2]

"[I]nformed Vatican officials indicate[d] that the AIF was caught up in a power struggle with other Vatican agencies, notably the Secretariat of State, which sought to curb the AIF’s access to details of certain financial transfers." [3]

"'We cannot access information and we cannot share information,'" [Marc Odendall] said.  "'There is no point in staying on the board of an empty shell.'" [4]

One wonders if this secrecy has something to do with the possibility of a default by the Vatican.  Repeating a quote and an advice from a previous post dated October 22 [5]:

"There is no threat of collapse or default here. There is only the need for a spending review. And that is what we're doing. I can prove it to you with numbers,” [Bishop Nunzio] Galantino said on Oct. 22.

It is advisable that people not hold their breath waiting for Bishop Nunzio Galantino to show proof.

A lie was told here [6]:

The [AIF] departing president [René Brüelhart had] told reporters that he resigned. Vatican officials offer[ed] a different story, saying that the president’s term had expired. But there was no set term for his office.

Who lied?  René Brüelhart or the Vatican officials?  If René Brüelhart's term had an expiration date, then why is it necessary to wait before a successor is announced?


[1] https://abcnews.go.com/Business/wireStory/vatican-watchdog-agency-loses-member-police-raid-67125116, quoted without hyperlink.
[2] https://abcnews.go.com/Business/wireStory/vatican-watchdog-agency-loses-member-police-raid-67125116
[3] https://www.catholicculture.org/news/headlines/index.cfm?storyid=44164
[4] https://abcnews.go.com/Business/wireStory/vatican-watchdog-agency-loses-member-police-raid-67125116
[5] https://www.catholicnewsagency.com/news/vaticans-asset-manager-says-holy-see-is-not-going-broke-64222
[6] https://www.catholicculture.org/news/headlines/index.cfm?storyid=44164