Although he was billed as an anti-capitalist by some, one of Pope Francis’s key accomplishments was a financial endeavor: his reform of the scandal-plagued $6 billion Vatican Bank.
Francis, who died nearly a year ago at age 88, sought to reform the bank and the Holy See (the central government of the Catholic church and Vatican City) soon after he became pope in 2013. Although created in 1942 with the goal of managing funds for clergy and church organizations worldwide, for years, the Institute for the Works of Religion (IOR), commonly known as the Vatican Bank, was allegedly plagued by money laundering, corruption, and even Mafia connections. The Vatican Bank’s total holdings stood at 5.7 billion euros, or $6.5 billion as of 2024, an increase from the 5.4 billion euros, or $6.2 billion the year prior.
