Pope Francis has dismissed the entire board of the Vatican's financial regulator as he looks to reform the city-state's banking practices following a corruption scandal.
The move is also reportedly due to infighting among the "old guard". The Financial Intelligence Authority's Italian, five-person board were due to see their terms expire in 2016. They are being replaced with four international experts from Italy, Singapore, Switzerland and the US. The Vatican said the new directors include Juan Zarate, a former national security adviser to US President George Bush, and Joseph Pillay, a civil servant and adviser to the president of Singapore. The other two board members are Maria Bianca Farina, an executive at the Italian postal service and Marc Odendall, a Swiss financial consultant.
Financial scandalThe Pope has sought to stamp out corruption and other abuses at the Vatican bank, which handles funds for the Catholic Church. The Vatican bank is known officially as the Institute for Religious Works and has assets worth more than $8bn (£4.8bn)......Read more here