Pope nationalizes Vatican assets, property in new reform

ROME (AP) — Pope Francis has essentially nationalized all assets and property owned by Vatican departments and affiliated institutions. In a new law published on Thursday, he declares them to be sovereign patrimony owned by the Holy See and not any individual or office. The law represents Francis’ latest initiative to centralize Vatican assets so they can be managed properly following years of mismanagement that led to huge losses and, prosecutors allege, criminal wrongdoing. The pope previously stripped the Vatican’s secretariat of state of its 600 billion-euro portfolio after a scandal involving its investment in a London property. The real estate venture is the subject of a trial under way in the Vatican tribunal.