Click here to advertise on CatholicCulture.org

New papal document tightens safeguards against money-laundering

Catholic World News - August 08, 2013

Pope Francis has tightened safeguards against money-laundering at the Vatican, issuing a motu proprio that tightens internal regulations and establishes a new Financial Security Committee to coordinate financial transfers.

The new motu proprio, made public August 8, is aimed at “the prevention and countering of money laundering, the financing of terrorism, and the proliferation of weapons of mass destruction.” In the document the Pope extends the rules that were set in place by Pope Benedict in 2010, applying them to all Vatican institutions. The rules had previously applied to Vatican institutions engaged in financial affairs; they now apply to all institutions that make financial transfers.

The motu proprio also strengthens the power of the Financial Information Authority, giving it supervisory authority over all agencies “habitually engaged in financial affairs.” The papal document notes that this step is a response to a recommendation made by European banking officials.

Additional sources for this story
Some links will take you to other sites, in a new window.

An appeal from our founder, Dr. Jeffrey Mirus:

Dear reader: If you found the information on this page helpful in your pursuit of a better Catholic life, please support our work with a donation. Your donation will help us reach seven million Truth-seeking readers worldwide this year. Thank you!

Our Fall Campaign
Progress toward our year-end goal ($24,672 to go):
$150,000.00 $125,327.96
16% 84%
Sound Off! CatholicCulture.org supporters weigh in.

All comments are moderated. To lighten our editing burden, only current donors are allowed to Sound Off. If you are a donor, log in to see the comment form; otherwise please support our work, and Sound Off!

There are no comments yet for this item.

Fall 2014 Campaign
Subscribe for free
Shop Amazon
Click here to advertise on CatholicCulture.org

Recent Catholic Commentary

Facing entrenched opposition, Pope Francis plows ahead on Vatican reform 5 hours ago
The cardinal who can't let go 11 hours ago
Denial of Service Attack: Success! December 19
Federal debt as a social-justice concern December 19
Another side of Francis: US-Cuba role shows Pope's diplomatic muscle December 18

Top Catholic News

Most Important Stories of the Last 30 Days
Pope Francis: Europe seems 'elderly and haggard' CWN - November 25
Pope Francis, Ecumenical Patriarch sign joint declaration, lament persecution of Christians CWN - December 1
Consistory for new cardinals scheduled for February CWN - December 11
Vatican report on US women religious calls for further self-assessment CWN - December 16
Pope brokered deal to open US-Cuba ties CWN - December 17