Pope names head of Vatican investments to new watchdog agency

(January 20, 2011) Pope Benedict XVI on Wednesday named the president of the Vatican's investment agency to head a new watchdog committee charged with monitoring all Vatican financial operations. 73 year old Italian Cardinal Attilio Nicora is president of the new Financial Information Authority, which the pope instituted on December 30 to oversee the monetary and commercial activities of all Vatican-related institutions, including the Vatican bank. The pope also named the members of the four-person executive board, which together with Cardinal Nicora, will monitor such Vatican agencies as the Vatican City State, the Vatican bank, the Vatican's investment agency and the Congregation for the Evangelization of Peoples, and smaller agencies such as the Vatican pharmacy, supermarket and the Vatican Museums. Cardinal Nicora and the executive board will name a director and additional staff by April 1, according to Jesuit Father Federico Lombardi, the Vatican spokesperson. The new executive council members are: Claudio Bianchi, a professor of accounting at Rome's La Sapienza University. Marcello Condemi, a lawyer and professor of commercial and banking law at Rome's Marconi University. Giuseppe Dalla Torre del Tempio di Sanguinetto, chancellor of a university in Rome and a professor who teaches church-state relations at various pontifical universities in the city and Cesare Testa, who had served as president of the Italian bishops' office for the financial support of clergy and worked on the revision of the Italian-Vatican treaty, specifically in matters dealing with how clergy are paid. The Vatican has been working for some time with Italian and international authorities to comply with procedures to ensure funds are not used for terrorism or money laundering.