VATICAN CITY
Vatican Radio
(VIS) Archbishop Dominique Mamberti, secretary for Relations with States, in a text focusing in detail on the content of the new law on transparency, supervision and financial information, mentions first that a significant part of the law is dedicated to measures against money laundering and the financing of terrorism, and gives details on the “individuals, the activity of risk assessment, prescriptions concerning suitable checks on counterparties … and the discipline of the international transfer of funds”, strengthened when these two criminal activities are suspected.
“Special attention is dedicated to giving information on suspicious activities, which obligated subjects are required to carry out before the Financial Information Authority”, continues Archbishop Mamberti. “In the case of a valid reason to suspect activities of money laundering or financing of terrorism, the Financial Information Authority transmits a detailed report to the Promoter of Justice and may also suspend transactions and operations under suspicion for up to five working days.”
“The system of prescriptions regarding measures against money laundering and the financing of terrorism is completed by the attribution, again to the Financial Information Authority, of a power of general supervision in relation to the implementation of the measures established by law on the part of obligated subjects, as well as a structured system of administrative sanctions that can be applied by the Authority or, in the most serious cases, by the president of the Governorate, upon suggestion by the Financial Information Authority”.
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