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Pope cancels salaries of cardinals overseeing bank

Last Updated: Saturday, April 20, 2013 - 12:22

Vatican City: In a further sign of his desire for a "poor church", Pope Francis has cancelled the annual stipend of 25,000 euros (around $33,000) paid to each of five cardinals who oversee the Vatican Bank. The Vatican Bank has come under fire in recent years for alleged money laundering, Italy`s AKI news agency reported.

Last year, European regulators said the bank was not doing enough to combat money laundering.

The Holy See also hired a Swiss anti-money-laundering lawyer in its bid to enter a "white list" of states that are said to respect international standards on fighting money laundering and terrorism financing.

A major money-laundering scandal in 2011 led to the ouster of former Vatican Bank president Ettore Gotti Tedeschi by the bank`s five-cardinal board in May last year.

The 76-year-old Pope Francis, formerly Cardinal Jorge Mario Bergoglio, said earlier he wanted "a poor church for the poor".

After being elected leader of the world`s 1.2 billion Catholics, the pope explained how he decided to name himself, after St. Francis of Assisi.

When he was elected, a fellow cardinal embraced him and said, "Don`t forget the poor."

"That`s when I thought of Francis of Assisi. And that is how the name came to me: Francis of Assisi, the man of poverty, of peace. This is what I want, a poor church for the poor," the pope said.


First Published: Saturday, April 20, 2013 - 12:22
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