Vatican Strengthens Anti-Money Laundering
Pope Francis issued a new anti-money laundering motu proprio effective today to implement the recommendation of Moneyval in respect of the prevention of money laundering, terrorist financing and proliferation of weapons of mass destruction.
The motu proprio:
- Broadens Vatican law to non-profit organizations under Canon law that are situated legally in the Vatican;
- Strengthens the supervisory capacity of the Vatican’s Financial Information Authority;
- Enables the Financial Information Authority to supervise and regulate Vatican financial entities; and
- Establishes the Financial Security Committee to coordinate anti-money laundering efforts in the Vatican and Holy See.
The head of the Financial Information Authority is Rene Bruelhart, a Swiss lawyer who was engaged by the Vatican to help improve its anti-money laundering controls. It is charged with supervising financial transactions to prevent money laundering, as well as monitoring the circulation of money in the Vatican City state. Last month, it became a full member of Egmont Group, an international network of financial intelligence units.