Curial cardinals will take a 10% pay cut, while other department heads will take an 8% reduction, and lower-level officials who are clerics and/or religious will see 3% less in monthly pay. Laity, clerics, and religious will all face pay freezes – even those not subject to pay cuts – for two years.
According to a press release, the virtual assembly focused on the Holy See’s annual budget for the current year, presented by Spanish layman Maximino Caballero Ledo, who was appointed to the number two position in the Secretariat for the Economy in August.
Under the new law, APSA will gain ownership of funds, bank accounts, and investments, including real estate, previously administered by the Secretariat of State from Jan. 1, 2021.
The Moneyval review is to assess the effectiveness of the Vatican's most recent measures for the prevention of money laundering and the financing of terrorism.
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