Pope strengthens financial crimes laws, oversight body

Last updated on: August 8, 2013 at 3:36 pm by CNA Daily News

Pope strengthens financial crimes laws, oversight body 2013-08-08T15:36:00+00:00 CNA Daily News

LOGO Patheos Explore the world's faith through different perspectives on religion and spirituality! Patheos has the views of the prevalent religions and spiritualities of the world.

Rome, Italy, Aug 8, 2013 / 09:36 am (CNA/EWTN News).- Pope Francis has issued a declaration that increases the power of the Financial Information Authority and continues the Vatican's efforts to update its statutes that prevent money laundering.

The purpose of this motu proprio is “strengthening the Vatican’s work to combat money laundering and the financing of terrorism,” René Brülhart, director of the Financial Information Authority, told CNA Aug. 8.

Specifically, the motu proprio says that Brülhart’s office will exercise “prudential supervision” over all Vatican organizations that “perform professional activity of a financial nature.”

By taking that step, the Pope both confirmed and extended the power of the Financial Information Authority, said Vatican press office director Father Federico Lombardi in an Aug. 8 interview with Vatican Radio.

Pope Francis also brings the Vatican into line with a July 2012 evaluation made by Moneyval, the Council of Europe’s committee for fighting money laundering, which recommended the change.

The declaration extends the Authority’s reach by placing the numerous Vatican departments and all non-profits that have legal status in Vatican City under its supervision.

The final innovation of the Pope’s motu proprio – a Latin phrase that means “on his own initiative" – is the creation of a group called the Financial Security Committee.

“The role of this new committee is exclusively coordination and it doesn’t change the competence of the AIF at all,” Brülhart explained, referring to the Financial Information Authority by its Italian acronym.

The committee is composed of top officials from the Vatican’s Secretariat of State, the Vatican City government, the city-state’s promoter of justice, and the head of the Financial Information Authority.

Monsignor Peter Brian Wells, the Assistant Secretary of State for General Affairs and the highest-ranking American official in the Vatican State department will chair the committee.

It will meet every four months and is tasked with agreeing on internal procedures for assessing the risk of money laundering or the financing of terrorism, promoting the active collaboration between Vatican bodies, and soliciting experts’ advice and studies.

On a more lighthearted note, Brülhart, who will serve as the committee’s secretary, clarified that although the title of the motu proprio mentions preventing the financing of weapons of mass destruction, it is simply a reference to the terminology of the international statutes that have been created to combat money laundering.

“No, the Vatican is not worried about somehow financing WMD,” he said.

Vatican

Previous Post

August 8, 2013

Pope fervently praying for apartment gas explosion victims

Next Post

August 8, 2013 Mysterious Missouri priest showed up to pray with crash victim

Browse Our Archives

Select a Category Americas Asia - Pacific Europe Middle East - Africa Uncategorized US Vatican

Select a Month November 2017 October 2017 September 2017 August 2017 July 2017 June 2017 May 2017 April 2017 March 2017 February 2017 January 2017 December 2016 November 2016 October 2016 September 2016 August 2016 July 2016 June 2016 May 2016 April 2016 March 2016 February 2016 January 2016 December 2015 November 2015 October 2015 September 2015 August 2015 July 2015 June 2015 May 2015 April 2015 March 2015 February 2015 January 2015 December 2014 November 2014 October 2014 September 2014 August 2014 July 2014 June 2014 May 2014 April 2014 March 2014 February 2014 January 2014 December 2013 November 2013 October 2013 September 2013 August 2013 July 2013 June 2013 May 2013 April 2013 March 2013 February 2013 January 2013 December 2012 November 2012 October 2012 September 2012 August 2012 July 2012 June 2012 May 2012

TAKE THE

Religious Wisdom Quiz

True or False: Ezekiel saw a vision of a valley of dry bones that came to life.

Select your answer to see how you score.

FALSE TRUE