Vatican Toughens Financial Controls

As part of the Vatican’s ongoing efforts to ensure that all its financial activity complies with international standards, particularly those aimed at preventing money laundering and possible financing of terrorism, Pope Francis has expanded the role and the reach of the Vatican’s Financial Intelligence Authority. Pope Francis issued new rules on Aug. 8 broadening Vatican City finance laws to cover all the offices of the Roman Curia, including nonprofit organizations operating out of the Vatican, like Caritas Internationalis and Aid to the Church in Need. Pope Francis also added “the function of prudential supervision” to the responsibilities of the F.I.A. The Vatican spokesperson, Federico Lombardi, S.J., explained that the Vatican is trying to ensure that it is not a “potential weak spot” in international efforts to crack down on money laundering, terrorism financing and the proliferation of weapons of mass destruction.