Vatican
City, 9 October 2013 (VIS) – Archbishop Dominique Mamberti,
secretary for Relations with States, in a text focusing in detail on
the content of the new law on transparency, supervision and financial
information, mentions first that a significant part of the law is
dedicated to measures against money laundering and the financing of
terrorism, and gives details on the “individuals, the activity of
risk assessment, prescriptions concerning suitable checks on
counterparties … and the discipline of the international transfer
of funds”, strengthened when these two criminal activities are
suspected.
“Special
attention is dedicated to giving information on suspicious
activities, which obligated subjects are required to carry out before
the Financial Information Authority”, continues Archbishop
Mamberti. “In the case of a valid reason to suspect activities of
money laundering or financing of terrorism, the Financial Information
Authority transmits a detailed report to the Promoter of Justice and
may also suspend transactions and operations under suspicion for up
to five working days.”
“The
system of prescriptions regarding measures against money laundering
and the financing of terrorism is completed by the attribution, again
to the Financial Information Authority, of a power of general
supervision in relation to the implementation of the measures
established by law on the part of obligated subjects, as well as a
structured system of administrative sanctions that can be applied by
the Authority or, in the most serious cases, by the president of the
Governorate, upon suggestion by the Financial Information Authority”.
“A
relevant area of the discipline introduced by Law XVIII is included
in the section regarding 'Prudential supervision of bodies engaged in
professional activities of a financial nature', or rather, those who
regularly carry out a financial activity in an organised economic
form, in the name of or on behalf of third parties, for the purposes
of the production or exchange of goods or services. The introduction
of this function … responds to a specific recommendation from the
MONEYVAL Division of the Council of Europe, and Law No XVIII
establishes the discipline of this activity by conceding
broad-ranging powers of regulation to the Financial Information
Authority”.
With
reference to measures against individuals who threaten peace and
international security, the archbishop explained that the provision
of goods, economic resources and financial services is automatically
denied to listed individuals, and the Financial Information Authority
may immediately place a preventative block on their goods and
resources, informing those subjects who carry out financial
activities. In addition, cautionary measures may be adopted in
relation to an individual not yet included on the list in the case of
valid reasons to suspect that he or she poses a threat to peace and
international security and provided that the subject is added to the
list within fifteen-day period”.
With
regard to the provisions of the Law in relation to the cross-border
transportation of cash of a value of more than 10,000 euros, entering
or leaving a State, and the legislation regarding information and
co-operation, the prelate underlined “the central role attributed
to the Financial Information Authority which collaborates and
exchanges information both with other authorities of the Holy See and
Vatican City State, and with analogous authorities in other States,
in conditions of reciprocity and on the basis of agreement
protocols”.
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