Vatican’s Financial Information Authority signs accord with German counterpart
December 04, 2013
The Vatican’s Financial Information Authority (FIA) has signed a working agreement with its German counterpart, establishing formal procedures for cooperation in efforts to fight money-laundering and the financing of terrorist organizations.
The agreement with the Zentralstelle fur Verdachtsmeldungen at the Bundeskriminalamt (BKA) covers issues of exchanging information, preserving confidentiality, and reciprocity. It is based on a model agreement drafted by the Egmont Group, an international body for national financial authorities.
The FIA was established in 2010 to tighten controls on Vatican financial transfers and to restore confidence in the Vatican’s banking systems. Rene Bruelhart, the FIA director, said that the agreement with the German body “is strengthening FIA’s international reach and further integrates the Holy See and Vatican city-state with a coordinated global effort to fight money-laundering and the financing of terrorism.”
- The Financial Information Authority Signs A Memorandum of Understanding with Its German Counterpart (VIS)
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