10/
9/2013
Vatican introduces Law XVIII on transparency,
supervision and information
THE IOR HEADQUARTERS
The Pontifical Commission for Vatican City has introduced a new
law as a further clampdown on the financial system. The new law gives greater
powers to the Financial Information Authority and the Governorate
VATICAN INSIDER STAFF
ROME
ROME
Yesterday, the Holy See
Press Office introduced Law XVIII of Vatican City State (8 October 2013),
regarding transparency, supervision and information in the field of finance, in
accordance with the Motu Proprio issued by Pope Francis on 8 August 2013. The
law reinforces the supervisory powers of the Financial Information Authority
(AIF) and consolidates the “function of prudential supervision” entrusted to
it.
Law No. XVIII is in
continuity with the anti-money laundering laws introduced through Law 127 on 30
December 2010 and “strengthens the current internal system for the prevention
and countering of money laundering and the financing of terrorism in conformity
with international guidelines and, in particular, the Recommendations of the
Financial Action Task Force (FATF) and relevant European Union sources.”
“Law No. XVIII
consolidates the existing discipline in matters of: Measures to prevent
and counter money laundering and the financing of terrorism; Vigilance and
regulation of the bodies carrying out professional activities of a financial
nature;Collaboration and exchange of information by the Financial Information
Authority internally and at an international level;Measures against individuals
who threaten peace and international security; Declarations of
cross-border transportation of cash.”
Crucially, Law No.
XVIII “clarifies and consolidates the functions, powers and responsibilities of
the Financial Information Authority in the exercise of its functions of
supervision and regulation in the prevention and countering of money laundering
and the financing of terrorism, in its function of informing in financial
matters, and, as established by Pope Francis in his Motu Proprio of 8 August
2013, the function of prudential supervision.”
“The new law – in
conjunction with recent legislation in matters of substantive and procedural
penal law and in matters of administrative sanctions, as well as Pope Francis’
Motu Proprio of 11 July 2013 on penal jurisdiction – constitutes a further
important step in the direction of transparency and supervision of activities
of a financial nature and a contribution to the stability and integrity of the
sector at a global level.” Law XVIII refers to, integrates and modifies certain
sections of Law 127 introduced in December 2010 and came into force yesterday.
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3 comments:
The Holy See can introduce all the laws in the world, but as long as the money continues to follow the same route, USA to England To Vatican everything The Holy See says and does is BS in the highest (no pun intended) As actions speak louder than words Pope Francis needs to walk the talk and start the disbursement of some serious cash to help humanity, the Pope buddies I.E. The Rotschilds, Lizzy (the lizard) , several banksters CEO'S, The Bush Cabal, The Rockefellers's, Eric Holder,et.al. need to start making some serious time, so until we see some of that happening we shouldn't gold our breath
Couldn't have said it better myself. My exact thoughts as I was reading this posting.
kate of gaia go listen and learn.
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