New rules for Vatican financial oversight approved by Pope

Vatican City, Nov 18, 2013 / 03:09 pm (CNA/EWTN News).- Pope Francis on Nov. 15 approved a new document on the rules for the Holy See's financial oversight agency to distinguish better the roles and functions of its leadership.

The Pope's document, an apostolic letter called a motu proprio, aims to help the Vatican’s Financial Intelligence Authority “fulfill even more adequately its institutional functions in full autonomy and independence” while also being consistent with the legal framework of the Holy See and Vatican City, the Vatican Press Office said Nov. 18.

The new statutes create a specific office for “prudential supervision.” It also distinguishes the role and functions of the Financial Intelligence Authority president, board of directors, and directorate. The document takes effect Nov. 21.
 
The Vatican Press Office noted that earlier declarations from Pope Francis aimed to set norms for “transparency, supervision and financial intelligence” and to strengthen safeguards against “potential illicit activities in the financial sector.”

The Vatican is working to implement a long-term strategy to meet international financial standards, following several scandals and allegations of money laundering involving Vatican officials.

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