As part of the Vatican's ongoing efforts to ensure that all its financial activity complies with international standards, particularly those aimed at preventing money laundering and the financing of terrorism, Pope Francis has expanded the role and the reach of the Vatican's Financial Intelligence Authority.
Less than a month after he updated the Vatican's criminal code to include all Vatican employees around the world and not just those working in Vatican City, Pope Francis issued new rules Aug. 8 broadening Vatican City finance laws to cover all the offices of the Roman Curia.
The rules also apply to the non-profit organizations operating out of the Vatican, including Caritas Internationalis and Aid to the Church in Need.
In addition, Pope Francis added the function of prudential supervision to the responsibilities of the Vatican Financial Intelligence Authority, which was instituted by Pope Benedict XVI in 2011 to investigate suspicious financial transactions.
The FIA now will evaluate and approve the financial activities and the services offered by the Institute for the Works of Religion (the Vatican bank) and the Administration of the Patrimony of the Holy See, the office that handles Vatican property and investments, said Jesuit Federico Lombardi, Vatican spokesman.
While the Vatican's financial activities are a drop in the bucket on the international finance scene, Father Lombardi said, we have a responsibility to the international community to ensure that all Vatican activities measure up to the efforts taken since the 9/11 terrorist attacks in the United States to prevent, even unwittingly, the financing of terrorism.
The Vatican, he explained, is trying to ensure that it is not a potential weak spot in international efforts to crack down on money laundering, terrorism financing and the proliferation of weapons of mass destruction.
Many of the changes to Vatican laws and financial procedures instituted over the last year were specific recommendations made by Moneyval -- the Council of Europe's Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism.
Lombardi said the key point isn't to win Moneyval's approval, but Moneyval is the instrument we are using to determine whether we are up to international standards.
Pope Francis' changes are contained in a document on the prevention and countering of money laundering, the financing of terrorism and the proliferation of weapons of mass destruction. It was issued motu proprio, meaning on the pope's own initiative.
The document, along with an appendix, also establishes a Financial Security Committee, bringing together high-level officials from a variety of Vatican offices that share responsibility for preventing and countering money laundering, terrorism financing and the proliferation of weapons of mass destruction. Lombardi said the committee gives a permanent structure to efforts to coordinate all aspects of the Vatican's work in those areas.
Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!
They are either desperate to get the flock back,Aug 08th, 2013 - 03:29 pm 0
Or desperately trying to be honest.
Just a thought ..
Surely that should read Pope tightens ANTI-Money Laundering standardsAug 09th, 2013 - 06:30 am 0
I would have prefered to read the headlines:Aug 09th, 2013 - 11:05 am 0
Pope stops ALL Vatican money-laundering in its tracks.
Pope commences a full and open investigation into the role the Vatican played in the World War II nazi transfers of stolen money, gold, diamonds and property.
Pope commences a full and open investigation into the Catholic priesthood and the sex trade, sex traffiking and paedophilia.