The Vatican bank, one of the most secretive in the world, will have a new department overseeing its finances.
The new entity, created by Pope Francis, comes after the bank’s involvement in a number of scandals over several decades.
As recently as January, a senior Italian cleric was charged with laundering millions through the Vatican bank.
Monsignor Nunzio Scarano is alleged to have been planning to smuggle €20 million euros into Italy.
A restructuring of the Vatican’s central bank will leave it with "all the obligations and responsibilities of similar institutions around the world", according to Vatican officials.
Also under restructuring is the Institute for Works of Religion, another secretive body, which holds €5.4 billion in assets.
The changes come as a result of orders from Pope Francis to establish a commission of inquiry in 2013.
He has also hired a US financial services company to examine all 19,000 accounts to ensure that international rules against money laundering are being correctly observed.
