Yet Another Vatican Financial Scandal

 At least 5 priests and one layman haven been arrested following the latest scandal hitting the Catholic Church. The men have been charged with embezzlement of public funds in Italy's northwestern city of Savona. Prosecutors have indicted the six for allegedly misusing the money of a local affiliate of the National St. Paul Association for Oratories and Youth Clubs also known as ANSPI.

The clergymen and the club president were put on trial for moving public funds to investment accounts or using it to pay new building mortgages instead of putting it into youth programs.

The ANSPI is a Catholic non-profit operating across Italy with over 1,800 affiliated parish clubs. Italian media say the investigation into its affiliate suspected of financial irregularities started in 2011. The trial is to begin in spring.

Vatican departments had a long-established tradition of managing their own affairs, an almost free hand with their finances. Long overdue new Vatican guidelines for modern accounting were introduced last December. It remains to be seen whether the new internal regulations will work.




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