Vatican
City, 9 October 2013 (VIS) – The Holy See Press Office has today
issued a communique on the new Law XVIII of Vatican City State (8
October 2013), regarding transparency, supervision and information in
the field of finance. The full text is published here below:
1.
On today’s date the Pontifical Commission for Vatican City State
adopted Law XVIII, consisting of norms regarding transparency,
supervision and information in financial matters, by which the
regulations of Decree No. XI of the President of the Governorate, of
8 August 2013, are confirmed as law.
2.
In the implementation of Pope Francis’ Motu Proprio of 8 August
2013, and maintaining continuity with the existing norms and those
introduced progressively following Pope Benedict XVI’s Motu Proprio
of 30 December 2010, for the prevention and countering of illegal
activities in the area of monetary and financial dealings, Law No.
XVIII strengthens the current internal system for the prevention and
countering of money laundering and the financing of terrorism in
conformity with international guidelines and, in particular, the
Recommendations of the Financial Action Task Force (FATF) and
relevant European Union sources.
3.
In particular, Law No. XVIII consolidates the existing discipline in
matters of:
-
Measures to prevent and counter money laundering and the financing of
terrorism;
-
Vigilance and regulation of the bodies carrying out professional
activities of a financial nature;
-
Collaboration and exchange of information by the Financial
Information Authority internally and at an international level;
-
Measures against individuals who threaten peace and international
security;
-
Declarations of cross-border transportation of cash.
4.
Law No. XVIII clarifies and consolidates the functions, powers and
responsibilities of the Financial Information Authority in the
exercise of its functions of supervision and regulation in the
prevention and countering of money laundering and the financing of
terrorism, in its function of informing in financial matters, and, as
established by Pope Francis in his Motu Proprio of 8 August 2013, the
function of prudential supervision.
5.
The new law – in conjunction with recent legislation in matters of
substantive and procedural penal law and in matters of administrative
sanctions, as well as Pope Francis’ Motu Proprio of 11 July 2013 on
penal jurisdiction – constitutes a further important step in the
direction of transparency and supervision of activities of a
financial nature and a contribution to the stability and integrity of
the sector at a global level.
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