IS IT TRUE THAT CHURCH IS INVESTING IN PORN AND GAMBLING?

A few days back, July 19, 2022 to be exact, the Secretariat for the Economy issued new guidelines removing the autonomy of Roman Curia departments to invest their own money. According to a report by Independent Catholic News and Vatican News, a new unified policy for financial investments of the Holy See and the Vatican City State will be launched on September 1 of this year.

This will place all investments under the control of a special committee that will ensure all Church money follows strict protocols in line with Catholic teaching.

In other words, as per Bishop Accountability Org – the Vatican announced that it is banning all investments in firms whose activities are contrary to the teachings of the Catholic Church, including pornography, prostitution, gambling, the arms industry, abortion services and contraception.

Added the Bishop Accountability Org, all organizations that are part of the Holy See or the Vatican State are now required to opt for low-risk investments guided by ethical, social and environmental criteria.

The guidelines also order Vatican departments to close their investment accounts or stock holdings in foreign banks, including in Italy, and transfer them to the Vatican Bank, to be overseen by a department called the Administration of the Patrimony of the Holy See (APSA).

According to Tell Media, the investments are estimated at just under €2 billion ($2.05 billion).

Tell Media also mentioned that the Investment Policy Statement (IPS), a radical overhaul after years of financial scandals, strips all Vatican departments of the ability to invest their funds independently. It further described that this is the same practice that allowed the Secretariat of State to invest directly in a London building that is at the center of a corruption trial. This poorly done deal resulted in a loss of €140 million.

Speaking of controversies, as per an article by The Street, over the course of its history of investing, the Catholic Church has done some questionable deals.

In the 1960s, an Italian media uncovered evidence that the Vatican had invested in institutions that conflict directly with the Church’s holy mission. These entities include Istituto Farmacologico, a pharmaceutical company that made birth control pills and Udine, a military weapons manufacturer.

Added The Street, there have also been unconfirmed reports of Church money in firearms manufacturer Beretta and companies with activities in gambling and pornography.

Of course, there are certain steps that could be seen as part of the procedures toward reform. The new guidelines issued on July 19 can serve its purpose.

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Sources:

https://www.indcatholicnews.com/news/45122

https://www.bishop-accountability.org/2022/07/vatican-bans-investments-in-porn-weapons-other-products-at-odds-with-doctrine/

https://tell.co.ke/the-vatican-bans-investments-pornography-gambling-weapons-and-defence-industries-pro-abortion-facilities/

https://www.thestreet.com/opinion/how-rich-is-the-catholic-church-it-s-impossible-to-tell-13295788/