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Vatican, Italy sign accord on financial transfers

CWN - July 29, 2013

The Vatican has signed a cooperative agreement with Italian banking authorities, governing the exchange of information to combat money-laundering.

The exchange, signed by the Vatican’s Financial Information Authority and the Bank of Italy, mirrors similar agreements that the Vatican has reached with other nations. The accord with Italy is particularly important, however, because of the volume of financial transactions between the Vatican and Italian banks, and because Italian banking officials have in the past been harshly critical of Vatican financial controls.

The Vatican has been working steadily to ensure transparency in financial transactions and to restore confidence among international bankers. “The Holy See and the Vatican City State take international responsibilities concerning anti-money laundering and the financing of terrorism very seriously, and Italy is an especially important partner for us,” said René Bruelhart, the head of the Financial Information Authority.

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