Vatican Adopts New Law to Improve Its Financial Transparency

Rome Reports
October 10, 2013

http://www.romereports.com/palio/vatican-adopts-new-law-to-improve-its-financial-transparency-english-11275.html#.Uleql1C-2Sq

[with video]

October 9, 2013. (Romereports.com) The Vatican City State has passed a new law to promote financial transparency and to prevent illegal monetary transactions. According to the Vatican, the new law strengthens measures to prevent money laundering and terrorist financing. It also establishes greater control over the parties it conducts financial activities with.

When it comes to international transactions, if 10,000 euros or more enter or leave the State, the money must be declared. It also imposes measures against those who threaten peace and international security.

The new law also regulates the collaboration and exchange of information both internally and internationally. Under the new measure, more responsibility is given to the Vatican's Financial Information Authority, which is the entity that was established by Benedict XVI, precisely to combat money laundering and to supervise the Vatican Bank.

This new law helps the Vatican update its legislation, so that it complies with those followed by other countries in the fight against financial crime.