Among other controversial changes, Pope Francis is making the Vatican financial records available to outside experts.

Among other controversial changes, Pope Francis is making the Vatican financial records available to outside experts.

The Pope has created an agency to manage budgets and financial planning, and appointed the archbishop of Sydney, Australia George Pell as the auditor general.

Pope Francis was elected last year and he is trying to shed some light onto the scandalous Vatican Bank known as the Institute for Works of Religion, which was recently accused of money laundering.

In the past year, the Institute has closed hundreds of accounts, implemented strict regulations and investigated any suspicious claims.

A statement from the Vatican says that the changes “Will enable more formal involvement of senior and experienced experts in financial administration, planning and reporting and will ensure better use of resources, improving the support available for various program, particularly our works with the poor and marginalized.”

The Administration of the Patrimony of the Apostolic See will take over bank operation management for the Vatican while the fate of the Institute for Works of Religion remains unknown.

But some reports say Pope Francis might choose to close the Institute which currently handles payments to Vatican employees and religious orders.