Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By CNA Daily News - Europe (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

Pope Francis approves overhaul of Vatican’s financial watchdog

% of readers think this story is Fact. Add your two cents.


Vatican City, Dec 5, 2020 / 07:35 am (CNA).- Pope Francis approved Saturday sweeping changes to the Vatican’s financial watchdog authority.

The Holy See press office announced Dec. 5 that the pope had ratified new statutes for the Financial Intelligence Authority, renaming the agency created by Benedict XVI in 2010 to oversee Vatican financial transactions.

The body, which ensures that the Vatican complies with international financial standards, will no longer be known as the Financial Intelligence Authority (Autorità di Informazione Finanziaria, or AIF). 

It will now be called the Supervisory and Financial Information Authority (Autorità di Supervisione e Informazione Finanziaria, or ASIF).

The new statutes also redefine the roles of the agency’s president and directorate, as well as establishing a new Regulation and Legal Affairs Unit within the organization.

Carmelo Barbagallo, the authority’s president, told Vatican News that the addition of the word “Supervisory” enabled the agency’s name “to be aligned with the tasks actually assigned to it.”

He noted that, in addition to carrying out its original functions of gathering financial intelligence and combating money laundering and the financing of terrorism, the agency had also supervised the Institute for the Works of Religion, or “Vatican bank,” since 2013. 

He said that the new unit would handle all legal issues, including regulation. 

“The tasks of defining the rules have been separated from those of exercising controls,” he said. 

He explained that the agency would now have three units: a Supervision Unit, a Regulation and Legal Affairs Unit, and a Financial Intelligence Unit. 

Barbagallo said that one of the most important changes was that in future the agency would be required to follow stricter rules on the appointment of new lay personnel. 

The watchdog will have to consult a body known as the Independent Evaluation Commission for the Recruitment of Lay Personnel to the Apostolic See, known by its Italian acronym, CIVA.

Barbagallo said this would ensure “a more extensive selection of candidates and a greater control in hiring decisions, avoiding the risk of arbitrariness.” 

The approval of the new statutes marks the end of a year of upheaval for the agency. At the start of 2020, the authority was still suspended from the Egmont Group, through which 164 financial intelligence authorities worldwide share information.

The agency was suspended from the group on Nov. 13, 2019, after Vatican gendarmes raided the offices of the Secretariat of State and the AIF. This was followed by the abrupt resignation of René Brülhart, the authority’s high-profile president, and the appointment of Barbagallo as his replacement. 

Two prominent figures, Marc Odendall and Juan Zarate, then resigned from the AIF’s board of directors. Odendall said at the time that the AIF had been effectively rendered “an empty shell” and that there was “no point” in remaining involved in its work.   

The Egmont Group reinstated the AIF on Jan. 22 this year. In April, Giuseppe Schlitzer was appointed director of the agency, succeeding Tommaso Di Ruzza, who was one of five Vatican employees suspended after the raid. 

During an inflight press conference in November 2019, Pope Francis criticized the AIF under Di Ruzza, saying that “it was AIF that did not control, it seems, the crimes of others. And therefore [it failed] in its duty of controls. I hope that they prove it is not so. Because there is, still, the presumption of innocence.”

The watchdog authority issued its annual report in July. It disclosed that it had received 64 suspicious activity reports in 2019, 15 of which it forwarded to the Promoter of Justice for possible prosecution. 

In its annual report, it hailed “the rising trend in the ratio between reports to the Promoter of Justice” and cases of suspicious financial activity.

The report came ahead of a scheduled inspection by Moneyval, the Council of Europe’s anti-money laundering watchdog, which has put pressure on the Vatican to prosecute breaches of financial regulations. 

Speaking after the release of the AIF’s annual report in July, Barbagallo said: “Several years have gone by since Moneyval’s first inspection of the Holy See and Vatican City State, which took place in 2012. During this time span, Moneyval has remotely monitored the many advances made by the jurisdiction in the fight to prevent money laundering and the financing of terrorism.”

“As such, the upcoming inspection is especially important. Its outcome may determine how the jurisdiction is perceived by the financial community.”

A report based on the inspection is scheduled for discussion and adoption at a plenary meeting of Moneyval in Strasbourg, France, on April 26-30, 2021.



Source: https://www.catholicnewsagency.com/news/pope-francis-approves-overhaul-of-vaticans-financial-information-authority-98099/


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse
Loading...

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    Total 1 comment
    • deano

      …….AIF ….aus imperical forces………….units for your ‘military MISSIONS’ ?……

      …..What happened to ””””” give up all earthly possessions, and in all things CHARITY to the poor and homeless….” ? ? ? ?

      ……What happened to……The Catholic DIRE DioSee of Aussie army?……mother-Superior Generals?…like Katie MacG ?

      ……….Your @INCLUSIVE…..bowell movement churchs ……???????????……..more YELLOW FROCKERS… :mad:

      ………..Wonder what Napolean made the Pope Sign…….in that HIDDEN Fountainbleau Concoradant ? :razz:

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.