Pope names new financial regulator following police raid

Pope Francis on Wednesday appointed Carmelo Barbagallo, a senior official at the Bank of Italy, to be the new head of the Vatican's financial regulator.

Barbagallo succeeds Swiss lawyer Rene Bruelhart, who left the post last week in the aftermath of police raids on Oct. 1 at the offices of the Financial Information Authority (AIF) as part of an investigation into alleged corruption.