The Vatican has unveiled changes to a landmark law on transparency, supervision and financial intelligence, saying the move would strengthen oversight of financial flows. Source: CNA.
The Holy See press office published on Saturday the text of a decree by Cardinal Giuseppe Bertello, president of the Governorate of Vatican City State, amending the 2013 law.
The changes came amid a two-week on-site inspection of the Holy See and Vatican City by Moneyval, the Council of Europe’s anti-money laundering watchdog.
There has been a flurry of activity since the inspection began, with the Vatican’s Secretariat for the Economy releasing the 2019 balance sheet for the Roman Curia on October 1, the day after inspectors arrived.
The new 15-page decree alters a 2013 law, known as Law XVIII, which set out provisions to combat money laundering and the financing of terrorism.
Carmelo Barbagallo, president of the Vatican’s Financial Information Authority (AIF), said that the changes updated the 2013 law to reflect evolving international standards.
“The latest amendments to Law XVIII are part of an overall strategy aimed at making the management of Vatican finances ever more transparent, within a framework of intensive and coordinated controls,” he said.
Mr Barbagallo explained that the new provisions sought to tighten regulation of financial flows within the Vatican.
Meanwhile, the composition of the Cardinals’ Commission of the Institute for Works of Religion, commonly known as the Vatican bank, has changed. Cardinal Pietro Parolin, the Vatican Secretary of State, is no longer a member of the commission.