Pope Releases Motu Proprio on Structure of Financial Information Authority

Statutes Will Strengthen Institutional Framework To Further Prevent Illegal Financial Activities

Vatican City, (Zenit.org) | 1035 hits

Today, Pope Francis approved a new statute concerning the Vatican’s Financial Information Authority (FIA) in the form of a Motu Proprio published today by the Holy See. A Motu Proprio, which in Latin means “on one’s own initiative, is a document released solely by the Holy Father.

In a communique released by the Holy See Press Office, the Pope strengthened further the institutional framework of the Holy See and Vatican City State in order to prevent illegal activities in the sector of finance. The Motu Proprio adds to several functions of supervision that were put in place by Pope Emeritus Benedict XVI in 2010.

“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 fulfill 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,” the communique stated.

“In addition, the new Statutes establish a specific office for prudential supervision, providing it with the necessary professional resources.”

The new statutes for the Vatican’s Financial Information Authority will enter into force on November 21st, 2013. (J.A.E.)