Pope Francis issues Motu Proprio on Financial Information Authority (FIA)

The Holy See Press Office has issued the following communique regarding Pope Francis' Motu Proprio on the new Statute of the Financial Information Authority (FIA):

“The Apostolic Letter issued Motu Proprio of 15 November 2013, by which Pope Francis has approved the attached new Statutes of the Financial Intelligence Authority (FIA), is published today. This pontifical document will enter into force on 21 November 2013.

“As is known, with his Motu Proprio of 8 August 2013 and with the Law N XVIII of 8 October 2013 on norms on transparency, supervision and financial intelligence, Pope Francis had strengthened further the institutional framework of the Holy See and the Vatican City State to prevent and combat potential illicit activities in the financial sector and had accorded to the FIA, in addition to the functions that it already had on the basis of the Motu Proprio of Benedict XVI of 30 December 2010, the function of prudential supervision of those entities that carry out financial activities professionally. The present Statutes adapt FIA’s internal structure to the functions it is now called to perform.

“In particular, the Statutes distinguish the role and functions of the President, the Board of Directors and the Directorate, so as to ensure that the F.I.A. may fulfil even more adequately its institutional functions in full autonomy and independence and in a manner consistent with the institutional and legal framework of the Holy See and the Vatican City State. In addition, the new Statutes establish a specific office for prudential supervision, providing it with the necessary professional resources.”

The full text of the Motu Proprio can be read in English and Italian at:

ttp://www.hvatican.va/holy_father/francesco/motu_proprio/index_it.htm