Pope issues Motu Proprio on new Financial Intelligence Authority
(Vatican Radio) The Vatican press office on Monday announced the publication of a
Motu Proprio in which Pope Francis officially approves the new statutes of the Holy
See’s Financial Intelligence Authority. This document follows up on earlier regulations
from Pope Francis, and from his predecessor Pope Emeritus Benedict XVI, to put in
place norms on financial transparency and oversight of the Institute of Works of Religion
(IOR), commonly known as the Vatican Bank.
Please find below the full English
text of the note from the Vatican press office on the new Motu Proprio:
The
Apostolic Letter issued Motu Proprio of 15 November 2013, by which Pope Francis has
approved the attached new Statutes of the Financial Intelligence Authority (F.I.A.),
is being published today. This pontifical document will enter into force on 21 November
2013. As is known, with his Motu Proprio of 8 August 2013 and with the Law N. XVIII
of 8 October 2013 on norms on transparency, supervision and financial intelligence,
Pope Francis had strengthened further the institutional framework of the Holy See
and the Vatican City State to prevent and contrast potential illicit activities in
the financial sector and had accorded to the F.I.A., in addition to the functions
that it already had on the basis of the Motu Proprio of Benedict XVI of 30 December
2010, the function of prudential supervision of those entities that carry out professionally
financial activities. The present Statutes adapt F.I.A.’s internal structure to the
functions it is now called to perform. In particular, the Statutes distinguish
the role and functions of the President, the Board of Directors and the Directorate,
so as to ensure that the F.I.A. may fulfill even more adequately its institutional
functions in full autonomy and independence and in a manner consistent with the institutional
and legal framework of the Holy See and the Vatican City State. In addition, the new
Statutes establish a specific office for prudential supervision, providing it with
the necessary professional resources.