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Topics: News, World News, Money
Shola Lee
The Vatican has banned itself from investing in porn and weapons.
Honestly, if you have to ban yourself from doing something, we'd argue you need greater impulse control, or a better financial advisor.
Well, the Vatican announced yesterday (19 July) that they'd be adopting a new investment strategy.
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The news comes following months of financial scandal and courtroom trials, forcing the headquarters of the Catholic church to reconsider how things are run.
Under the new policy, any investments not considered in alignment with the 'common good' will be banned - so, naturally, that includes porn and guns.
According to the new investment policy, the Vatican 'intends to ensure that investments are aimed at contributing to a more just and sustainable world; preserve the real value of the Holy See's net worth, generating sufficient return to contribute in a sustainable way to financing its activities; are aligned with the Teachings of the Catholic Church, with specific exclusions of financial investments that contradict its fundamental principles, such as the sanctity of life or the dignity of the human being or the common good'.
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The new policy comes into force on 1 September, as reported by Vatican News.
The bizarre update comes as a spotlight has been placed on the secretariat of state's financial dealings over the past few years.
Last year, 10 defendants were charged with multiple financial crimes and are standing trial.
The case centred on an investigation into the secretariat of state's €350 million investment in a London property, which ended up losing the Holy See millions in fees.
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During the trial, it was also found that the secretariat's sovereign wealth fund was pretty much managed by one priest, who had little financial expertise.
Probably not the best way to make millions worth of investments.
That wasn't all, because the trial also uncovered that the Vatican invested in the fund responsible for Elton John biopic Rocketman, which is a cross-over we didn't see coming.
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As you can imagine the secretariat no longer has the ability to manage its own money, as announced by Pope Francis previously.
Assets from the secretariat were since transferred to the Administration of the Patrimony of the Apostolic See (APSA) for short.
The body manages the Vatican's own real estate and investments for the rest of the Holy See.
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