VATICAN CITY (LifeSiteNews) – In an effort to bring decades of financial scandal to an end, the Vatican just released a new financial policy which mandates, among other things, that investments must align with the Church’s social and moral doctrine.
On Tuesday July 19, the Secretariat for the Economy sent a document to all heads of the Dicasteries of the Roman Curia outlining the policy that will now govern all the financial transactions of the Holy See and its curial offices.
Notably the policy expressly states that all investments must “be aligned with the teachings of the Catholic Church, with specific exclusions for financial investments which contradict its fundamental principles, such as the sanctity of life or the dignity of the human being or the common good.”
The policy specifically prohibits investing in industries engaged in pornography, prostitution, gambling, weapons and defense production, abortion, and laboratories or pharmaceutical companies that produce contraceptive products and/or work with embryonic stem cells.
Additionally, investments that are “speculative in raw materials” are to be avoided, such as: the oil and mining industry, the nuclear energy industry, and companies producing alcoholic beverages.
An ethics committee has been established and tasked with assuring that investments are not made in companies at odds with Catholic moral teaching. The committee is made up of non-Italians: American Cardinal Kevin Joseph Farrell, and four outside lay financial experts from Britain, Germany, Norway, and the U.S.
The new policy also centralizes the location of accounts for the sake of transparency and oversight of funds and transactions:
“Curial institutions will have to entrust their financial investments to APSA, transferring their liquidity to be invested – or their securities deposited with foreign banks or with the IOR itself – to the APSA account set up at the IOR for this purpose. The APSA, as the institution that administers the patrimony of the Holy See, will set up a single fund for the Holy See into which investments in the various financial instruments will flow, and will have an account for each institution, processing the reporting and paying the returns.”
Background to new policy
The Vatican’s finances have been plagued with scandal for decades, but the more immediate background to the present reforms are two recent scandals involving investments made by the Holy See.
In 2016, APSA, the Vatican treasury, invested 20 million euros in a Swiss pharmaceutical company called Novartis, whose subsidiary Sandoz sells the abortifacient contraceptive known as the “morning-after pill.” Additionally, public scandal broke regarding money-laundering in the amount of 400 million euros in a speculative investment in two London apartment buildings, a failed enterprise that ended up costing the Holy See 140 million euros.
LifeSite's Rome correspondent, Louis Knuffke, delivers four other LifePetitions to the Vatican:
UPDATE (8/2/22): Cardinal Cupich has regretfully banned the Institute of Christ the King from offering the Traditional Latin Masses or hearing Confessions at their parish in Chicago.
An official sign from the Institute was posted at the Shrine of Christ the King, saying: “As of August 1, the celebration of public Masses is suspended. Confession times are discontinued. The Chapel remains open for prayer.”
Cardinal Cupich has forbidden the Institute of Christ the King to operate in Chicago (see image). This is very sad; Pope B16 said “it behooves ALL of us” to preserve the riches of the ancient Catholic liturgy. pic.twitter.com/rGkVC2XupF— Watershed Staff (@ccwatershed) July 31, 2022
See LifeSiteNews' special report here.
Sources have leaked to LifeSiteNews that Cardinal Cupich seems ready to completely ban a community of Traditional priests from offering the Latin Mass in the Archdiocese of Chicago!
July 31st appears to be the deadline for priests belonging to the Institute of Christ the King to close down all public Latin Masses — which would end their ministry in the Archdiocese of Chicago full stop.
This outrageous persecution against faithful Catholics is an affront to 2,000 years of Tradition and is the rallying cry for today's saints: We need brave and devout Catholics across the world to demand Cardinal Cupich respect the holy priests of the Institute of Christ the King and SAVE the Traditional Latin Mass!
SIGN: CARDINAL CUPICH MUST HEAR THAT CATHOLICS LIKE YOU LOVE AND SUPPORT THE TRADITIONAL LATIN MASS! >>>
The Institute of Christ the King has attracted national attention for its beautiful, reverent, and profound celebration of the TLM — all of which looks set to end in LESS THAN TWO WEEKS!
There are currently 18 ICKSP apostolates dotting more than 10 states in America — serving 400-500 faithful Catholics just in the city of Chicago with 3 Latin Masses every Sunday. With this rumored attack, Cupich — who also serves in high-profile Vatican positions — is sending a sign to all traditionalist priests worldwide.
This robust Catholic community is truly a jewel of Catholic Tradition — making it odd that the ICKSP might be the subject of censorship!
The Church hosts synods on synods on synods and pays millions of dollars to consultants to figure out how to get people interested in going to Mass and the end result is shutting down the Masses people literally beg to attend lol.— Zac Mabry (@ZacMabry) July 15, 2022
As LifeSiteNews continued reporting...
"Cardinal Cupich, a close collaborator of Pope Francis and a promoter of the liberal agenda within the Church, has already issued restrictions regarding the traditional Latin rite within his diocese at the end of last year."
*** Catholics must defend and promote the Traditional Latin Mass before the potential July 31st deadline! ***
It’s important now more than ever to send a message to Cardinal Cupich that the Institute of Christ the King must continue its ministry of offering the TLM without fear of retaliation or hostility.
END OF JULY DEADLINE: SEND A MESSAGE TO CARDINAL CUPICH THAT YOU STAND WITH THE INSTITUTE OF CHRIST THE KING! >>>
The crackdown is expected to take effect at the end of July, when the Institute of Christ the King will be expected to celebrate the Novus Ordo Mass — in opposition to their vocational calling to protect the TLM.
This mandate is by design, but the ICKSP is currently holding strong. Catholics all across the world must tell the faithful priests of the ICKSP that we are praying for them and raising our voices!
RAISE YOUR VOICE: PROTECT THE TRADITIONAL LATIN MASS FROM CENSORSHIP! >>>
Thank you for committing yourself to the frontline fight defending Catholicism from the onslaught of the Cardinal Cupich’s modernist movement. It is moments like these that Catholics from all over the world show their true colors. Stand for TRADITION. Defend the Institute of Christ the King! Send a message to Cardinal Blase Cupich!
DEFEND THE TRADITIONAL LATIN MASS BY SENDING A RESOUNDING MESSAGE NOW! >>>
Return to Tradition also features the LifeSiteNews article mentioned throughout this petition.
Thank you for signing this petition and sending a message to Cardinal Cupich before the end of the month deadline.
In an investigative interview with Italian news agency Report in June 2021, Libero Milone, the Vatican Auditor General at the time these scandals surfaced, revealed the full extent of the financial corruption within the Roman Curia. According to Milone’s testimony, it was his objection to Vatican officials regarding the Swiss pharmaceutical investments that resulted in the Holy See pulling out its money.
However, when it came to the London apartments, Milone was continually blocked by the members of the Secretary of State, such as Cardinal Becciu, from accessing the accounts and documentation pertaining to the overseas transaction.
Nor was he the first auditor to be blocked by the Secretary of State when inquiring into its financial doings. The same thing had happened during an audit begun under Pope Benedict XVI. Milone, whom Becciu accused of spying, said he was forced to resign from his post as Auditor General due to threats to his safety.
In 2020, the Pope finally stripped the Secretariat of State of its control over its own accounts. Oversight of its transactions, together with those of all the Dicasteries of the Roman Curia, is now fully in the hands of the Secretariat for the Economy in an effort at fiscal transparency and accountability.
The London apartment at the center of the ongoing corruption trial regarding Cardinal Becciu was recently sold by the Vatican, with a reported loss of $200 million.