The Pope establishes the Financial Security Committee

Pope Francis has issued, on Thursday, 8 August, a Motu Proprio for the prevention and countering of  money laundering, the financing of terrorism and the proliferation of weapons of mass destruction. Pursuant to the steps already taken by Benedict XVI in this area with theMotu Proprio of 30 December 2010 for preventing and countering illegal activities in the areas of finance and currency, today’s Motu Proprioreaffirms the Holy See’s commitment to the goal of preventing and countering money laundering, the financing of terrorism and the proliferation of weapons of mass destruction.

In particular, the present Motu Proprio broadens the application of the relevant Vatican laws to the Dicasteries of the Roman Curia and to other institutes and entities dependent on the Holy See, as well as to non-profit organizations enjoying juridical personality in canon law and based in the Vatican City State. It also strengthens the supervisory and regulatory function of the Financial Information Authority.

The Motu Proprio establishes the function of prudential supervision over entities habitually engaged in financial activities, in response to a recommendation of the MONEYVAL Committee of the Council of Europe, and assigns that function to the Financial Information Authority. It establishes the Financial Security Committee, whose Statutes are appended to the Motu Proprio, for the purpose of coordinating the competent authorities of the Holy See and the Vatican City State in the area of prevention and countering of money laundering, the financing of terrorism and the proliferation of weapons of mass destruction.

The text of the Motu Proprio and of the Statutes of the  Financial Security Committee are available on the Holy See website.

Source: osservatoreromano.va (Aug. 9, 2013)