Cardinal Velasio De Paolis, C.S., President emeritus of the Prefecture for Economic Affairs of the Holy See, was born on 19 September 1935 in Sonnino, Italy. He made his first profession in 1955 and then his perpetual profession with the Congregation of the Missionaries of Saint Charles (Scalabrinians) on 4 October 1958 and was ordained a priest on 18 March 1961.

He was subsequently sent to Rome to study and earned a law degree from La Sapienza University, a licentiate in theology from the Pontifical University of Saint Thomas Aquinas and a doctorate in canon law from the Pontifical Gregorian University. Subsequently, he began teaching moral theology as well as canon law in Rome and served in various position within his religious order.

On 30 December 2003 he was appointed secretary of the Supreme Tribunal of the Signature and elevated to titular Bishop of Telepte. He was ordained to the episcopate on 21 February 2004.

On 12 April 2008 he was nominated President of the Prefecture for Economic Affairs of the Holy See and elevated to the dignity of archbishop.
President emeritus of the Prefecture for Economic Affairs of the Holy See, 21 September 2011.

On 9 July 2010 he was appointed pontifical delegate for the Congregation of Legionaries of Christ.

He participated in the conclave of March 2013, which elected Pope Francis.

Created and proclaimed Cardinal by Benedict XVI in the consistory of 20 November 2010, of the Deaconry of Gesù Pastore alla Montagnola (Jesus the Good Shepherd at Montagnola).

Died on 9 Semptember 2017