VATICAN CITY
Reuters
Thu Aug 8, 2013
* Francis issues special decree to tackle financial crime
* Watchdog given greater monitoring powers over Vatican bank
* Francis boosting bid to meet global transparency standards
By Catherine Hornby
VATICAN CITY, Aug 8 (Reuters) – Pope Francis on Thursday strengthened monitoring of the Vatican bank to prevent money laundering or the financing of terrorism as part of his campaign to clean it up after decades of scandal.
Issuing a “Motu Proprio” – a decree at his own initiative, Francis said the Vatican’s internal watchdog, the Financial Information Authority (FIA), would have increased powers of supervision over the bank and other Holy See departments involved in financial activities.
The move will lead to closer monitoring of the Institute for Works of Religion (IOR) – the formal name of the Vatican bank – and responds to a recommendation from the European anti-money laundering committee Moneyval last year.
The Vatican is trying to meet international standards on fighting crimes such as money laundering, funding of terrorism and proliferation of weapons of mass destruction. Moneyval said in a July 2012 report that the Vatican still had some way to go.
It said FIA’s powers should include reviewing policies, procedures, accounts and records and that it should have the right to enter Vatican premises and demand access to information.
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