In an unprecedented turn of events, Pope Francis announced that he has dismissed the Vatican's financial panel and has replaced them with what he believes will be a more diverse and dynamic group.

The Pope announced the decision on Thursday. In the statement, it was announced that the all-Italian group of financial experts was dismissed and replaced with advisors from Italy, Switzerland, Singapore and the United States, according to the AP.

This decision follows intense clashes between the board and its director, Swiss anti-money laundering expert Rene Bruelhart. He arrived in 2012 and had been clashing with the Italian members over the level of transparency from one side to the other. This led to the resignation of Cardinal Attilio Nicora as president of the group.

The Financial Information Authority (AIF) was created in 2010 by Pope Benedict XVI to curb the increase in money mismanagement as well as to bring the Vatican into compliance with European standards, according to the Boston Globe. The main goal of the group was to prevent money laundering and the financing of terrorism.

The new members include a Harvard law professor and a former official at large financial institution. However, the Pope has also made a pledge to increase the Vatican's financial transparency, especially after financial scandals that include the alleged embezzling of $20 million worth of Vatican bank loans by Cardinal Tarcisio Bertone.

According to the Boston Globe, the new directors of the AIF are Juan C. Zarate, former lecturer at Harvard Law School, deputy National Security Advisor with responsibility for counter-terrorism strategy during the Bush administration and an official at the U.S. Treasury.

The other directors are Joseph Yuvaraj Pillay, an airline executive who has served in Singapore's finance ministry and was director of its monetary authority; Marc Odendall, a former official with both J.P Morgan and Merrill Lynch who today acts as a consulter for non-profit organizations; and Maria Bianca Farina, an Italian insurance executive who's also a member of a federation of Italian banks and a member of the board of "Save the Children."