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Vatican Bank

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Vatican Bank, Pope Francis continued shaking up the Vatican on Wednesday as he named new cardinals to an oversight commission for the troubled Vatican Bank, replacing all but one of the appointees made by his predecessor, Benedict XVI, in another example of how the new pope is consolidating power.

Since becoming pope less than a year ago, Francis has shifted personnel in important Vatican departments, placing his picks in key positions while signaling that he intends to crack down on the intrigues and disarray that plagued the Vatican bureaucracy under the shy, aloof Benedict.

The Vatican Bank, officially known as the Institute for Works of Religion, has been under scrutiny for years, amid suspicions that some accounts might be fronts for illegal interests. European regulators are pushing the secretive bank to become more transparent and adhere to international banking standards, a process that began under Benedict.

Vatican Bank

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