Implementing stricter control of the Holy See, Francis also ordered all Vatican departments to close their investment accounts and send their funds to the Vatican Bank. By centralizing the Vatican’s funds, Francis took financial power away from non-expert clergy and helped bring about stronger oversight by financial regulators of its holdings.
To be sure, Pope Francis’ successor Pope Leo XIV in October 2025 did away with the obligatory centralization of Vatican funds. The pontiff opened the door for the Vatican to open bank accounts in other countries if its investment committee “deems it more efficient or convenient.” The decree is meant to decentralize control of the Vatican’s holdings.
Despite Francis’s efforts, the Catholic Church has still been rocked by some scandals.
A version of this story was published on Fortune.com on April 22, 2025.
