Pope Francis Replaces Board of Vatican Financial Regulator

Pope Francis replaced the board of the Vatican’s financial regulator after an investigation into alleged money laundering at the city state’s bank.

The new four-person board at the Financial Intelligence Authority brings together directors from Italy, Switzerland, Singapore and the U.S. with experience spanning business, philanthropy, public policy and academia, the Vatican said today in a posting on its website. Among the appointees is Juan Zarate, a Harvard professor and former U.S. deputy national security adviser, the Vatican said. The term is five years.

Francis, 77, has sought to boost financial oversight since his election as pope in March 2013. His effort intensified in June of last year when Italy’s financial police arrested Nunzio Scarano, a priest and former accountant at the Vatican, on charges of plotting to transport 20 million euros ($27 million) from Switzerland.

The new directors are Zarate; Maria Bianca Farina, an executive at the Italian postal service; Marc Odendall, a financial consultant in Swiss philanthropy; and Joseph Yuvaraj Pillay, an adviser to the president of Singapore, the Vatican said.

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