Vatican City, Jun 1, 2020 / 03:04 am
Pope Francis Monday promulgated a new law intended to prevent corruption and control spending in Vatican City State and Holy See financial transactions.
The law, "Norms on the transparency, control and competition of public contracts of the Holy See and of the Vatican City State," gives new procedures for awarding public contracts which aim to increase oversight and accountability, and ensure the Vatican and Holy See work only with vetted financial partners.
The new regulations also bring the Vatican into line with international anti-corruption laws.
In the motu proprio, signed May 19, Pope Francis said "the promotion of a concurrent and fair contribution of economic professionals, combined with transparency and control of contract award procedures, will allow a better management of the resources that the Holy See administers to achieve the ends of the Church…"