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  Vatican to Tackle Money Laundering

By Giulia Segreti
Financial Times
December 29, 2010

http://www.ft.com/cms/s/fd156970-137d-11e0-a367-00144feabdc0,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Ffd156970-137d-11e0-a367-00144feabdc0.html&_i_referer=http%3A%2F%2Fwww.bishop-accountability.org%2FAbuseTracker%2F#axzz19XLiAx5T

The Vatican will establish a new authority to combat money laundering as the tiny state seeks the blessing of international regulators who have refused to include it on lists of countries compliant with international norms.

In a papal document to be published on Thursday, the Vatican will promise to adhere to European rules targeting money laundering. The decree, or motu proprio, will apply to all government bodies at the Holy See including the Vatican Bank, also known as the Institute for Religious Works (IOR).

The Vatican’s new Financial Information Authority will enforce rules “concerning the prevention of illegal financial activity” and join “the fight against money laundering and terrorism financing”, the Holy See said in a statement on Wednesday.

 
 

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