The office, known as the Administration of the Patrimony of the Holy
See, announced Oct. 15 that a "due diligence" review by the Promontory
Financial Group had begun.
Promontory already has been hired to review
all the accounts and procedures of the Vatican bank, which is
independent of the investment office.
The office, known by its Italian acronym APSA, said the review would
facilitate a more accurate understanding of its financial situation and
the health of its operational procedures.
The results, it said, will be given to the Pontifical Commission for
Reference on the Economic-Administrative Structure of the Holy See,
which Pope Francis established in July.
The pope set up the commission
to offer technical support and "develop strategic solutions" to help the
Vatican simplify and better coordinate its scattered resources,
budgets, properties and assets.
APSA also announced Oct. 15 that, in response to recommendations made by
the Council of Cardinals for the Study of the Organizational and
Economic Problems of the Holy See, it was creating a supervisory board.
The statement did not say what the responsibilities or power of the
board would be, but it said the five experts in real estate, investments
and banking who had been serving as APSA consultants agreed to join the
board.
Closer control of APSA, including oversight by the Vatican Financial
Intelligence Authority, was one of the recommendations made in July 2012
by "Moneyval" -- the Council of Europe's Committee of Experts on the
Evaluation of Anti-Money Laundering Measures and the Financing of
Terrorism.
Moneyval investigators looked at the Vatican bank and APSA, because it said APSA was, in effect, a "financial institution."
The office originally was set up to manage the Vatican's real estate
holdings and the financial settlement paid by the Italian government in
1929 with the signing of the Lateran Pacts, in which Italy and the
Vatican recognized each other's sovereignty and boundaries.
In the 2012 report, Moneyval estimated APSA's assets to be worth about 680 million euros.
The assets, the Vatican reported, included the accounts of 23
individuals: 15 cardinals and bishops who deposited charitable
contributions made on their behalf with the proceeds going to the
Vatican or their home dioceses; and eight laypeople who made large
donations, particularly of property, to the Vatican and were receiving
annuities until their deaths.
The Vatican stopped accepting such arrangements in 2001 and has since
been taking steps to close the existing accounts, the Moneyval report
said.