Milone said he didn’t know exactly how the tools would have bypassed these restrictions, but that he saw evidence that transactions were edited.
God’s banker
Ahead of the May conclave that elected Leo, cardinals complained about a budget deficit that is said to have widened substantially in recent years, thanks to a downturn in donations that accelerated under Francis. The new pontiff was chosen in part because he was seen as somebody who could restore credibility among powerful donors, particularly in the U.S., insiders told POLITICO earlier this year.
Recent developments have already restored some confidence. After bumper earnings reported earlier this year by the Institute of the Works of Religion (IOR), the Vatican’s long-troubled investment vehicle, APSA recently recorded €62.2 million in profit for 2024, up from €45.9 million.
Milone’s allegations would undermine that progress, and resurface unhappy memories of financial scandals past that date back to the days of Pope Paul XI and John Paul II. In the 1980s and ’90s, Italian magistrates investigated allegations that the IOR had been used to launder Cosa Nostra profits to bankroll anti-communist movements in Latin America and Eastern Europe.
The investigations came after Vatican-connected Milanese banker Roberto Calvi, dubbed “God’s banker,” was found hanging under London’s Blackfriars bridge in 1982. Calvi was alleged to have aided the scheme in concert with an array of international interests spanning not only the IOR, but also far-right political and business figures, Italian Freemasonry and U.S. intelligence services.
The Vatican never acknowledged wrongdoing but did admit “moral involvement” for the collapse of Calvi’s bank, Banco Ambrosiano.
More recently, in 2023, Cardinal Becciu, a once-powerful cardinal in the Vatican’s Secretariat of State, was convicted after being found to have siphoned Vatican funds to a Sardinian charity connected to his family. Becciu was also convicted for his role in a botched London real estate deal that cost the Vatican over €100 million.
