Pope Francis
Photo: Riccardo De Luca / AP
After a real estate scandal in London, Pope Francis overthrew the highest Vatican authority.
The Pope withdrew the State Secretariat's financial sovereignty, as Vatican spokesman Matteo Bruni announced.
Instead, the administration of the assets and the real estate will be taken over by the Vatican goods administration Apsa from now on.
The Pope has also set up a commission to oversee the transfer of capital and property values over the next three months.
The Vatican published a letter from the Pope to Cardinal Secretary of State Pietro Parolin in August.
In it, Francis announced the reorganization of finances.
In the letter, the Pope specifically addresses the controversial investment in a commercial property in London and the investment in the Centurion fund.
Francis: "Preventing the risk of reputational damage"
The Vatican must withdraw from both deals as quickly as possible, or "at least dispose of it in a way that avoids any risk of damage to its reputation," wrote the Pope.
Investigations into fraud, corruption and money laundering are ongoing in the Vatican because of the controversial real estate business in the posh London district of Chelsea.
The Vatican started investing in the project in 2014.
The investigation has already led to the resignation of the influential Cardinal Angelo Becciu.
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