Vatican City: Pope Francis has issued a new decree making charity funds more transparent and tightening controls on Vatican finances after a scandal over a luxury London property deal.

The main target is the Secretariat of State, the most important part of the Vatican administration, which must relinquish management of its funds, investments and real estate and submit to supervision by two other economic offices.

Published on Monday and signed by the pope on December 26, the decree takes effect over two months from January 1.

Pope Francis has taken action on the Vatican's troubled finances.

Pope Francis has taken action on the Vatican’s troubled finances.Credit:AP

In 2014, the Secretariat invested about €200 million ($322 million) as a partner in a deal to buy a luxury building in London. As the deal became onerous, it paid tens of millions of fees to middlemen in attempts to change the terms.



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