A new Vatican anti-money laundering law and watchdog organization could do little to allay the concerns of European authorities about the city-state's secretive financial system, say analysts. The Authority of Financial Information (AFI), created Thursday under an apostolic letter from Pope Benedict XVI, will enforce measures meant to curb financial crime at all Vatican organizations, according to the Vatican's Web site. The AFI's formation coincides with the implementation of four laws intended to curb money laundering, terrorist financing, fraud and counterfeiting. Under the Vatican's new anti-money laundering (AML) law, the Instituto per le Opere di Religione (IOR), known as Vatican...
Following a string of scandals that called into question the Vatican's financial oversight efforts and prompted regulatory reforms, the city-state's bank is again turning a net profit - $76 million, to be exact.
For a territory with a population of 829, many of whom are sworn to poverty, chastity, and obedience, the Vatican has always had more than its fair share of financial intrigue. But now the 110-acre city-state, capital of the 1.2 billion-member Roman Catholic Church, is trying to reform.
While U.S. regulators are pushing national banks to hire regional Bank Secrecy Act (BSA) officers, some smaller banks have yet to hire a single full-time compliance officer, the U.S. Treasury Department said this week.
U.S. Defense Secretary Robert Gates said sanctions against Iran were likely as the Manhattan District Attorney's Office prepares to issue a large deferred prosecution agreement penalty against a foreign bank over its ties to the Persian country.