The $6 billion Vatican Bank was beset by scandals, disastrous investments—and ties to the Mafia. How Pope Francis tried to fix it.

The article focuses on the legacy of Pope Francis, who passed away at age 88, particularly highlighting his reforms at the Vatican Bank, officially known as the Institute for the Works of Religion (IOR). Under his leadership, the bank, which had been marred by scandals and corruption since its founding in 1942, underwent significant changes aimed at increasing transparency and regulatory compliance. Francis implemented measures such as releasing annual financial reports, centralizing the Vatican's funds, and appointing a professional financier to lead the bank, thereby reducing clergy influence in financial matters. Despite these reforms, the Catholic Church continued to face scandals related to financial misconduct within the organization. [Extracted from the article]