The Vatican’s financial watchdog agency has expanded its reach of co-operation, and it plans on continuing to increase its staff to better fulfil its mandate.
Charged with preventing and countering suspected money laundering and the financing of terrorism, the Vatican Financial Intelligence Authority’s work has significantly increased since it signed a number of agreements recently regarding the supervision of nearly 100 nonprofit entities and public authorities of the Holy See and Vatican City State.
With a new president, director and deputy director leading the authority, the watchdog agency was also going to establish a new statue and its ‘first internal regulation, which sets out detailed procedures in the furtherance of a healthy and transparent administration’, wrote Carmelo Barbagallo, president of the Financial Intelligence Authority, known by its Italian acronym as AIF. It released its annual report on 3rd July.
All the changes were part of helping the Holy See’s ‘commitment to the fairness and transparency of its financial transitions’, he added.
Picture: Carmelo Barbagallo, president of the Vatican’s Financial Information Authority, gestures during a 2nd July 2020, interview in Vatican City ahead of the release of the authority’s annual report. (CNS photo/Remo Casilli, Reuters).