The Pope has sacked all five of his financial watchdog board, the Financial Information Authority (AIF). They had not been due to end their terms of office until 2016.
In their places, he has appointed four experts from Switzerland, Singapore, Italy and the US.
Reformers inside the Vatican have been lobbying for professionals to be appointed to make a break with the old financial network.
The Vatican Bank has been involved in a number of corruption scandals in the past. It has been accused to offering services to mob bosses and tax evaders, despite accounts being specified for only priests, nuns, and Vatican personnel.
It is not the first move the new Pope has made against the Bank. Last year he fired the director and deputy director and then in January he replaced four of the five supervisors.
Rumours had been circulating that the best way to clean up the Vatican’s finances and its reputation was the close the bank altogether.
However, the Vatican issued a statement in April supporting of the Bank.
“The (Vatican Bank) will continue to serve with prudence and provide specialized financial services to the Catholic Church worldwide,” it said.
