New Financial Authority Board Named by the Vatican

Added by David Sandercock on January 23, 2011

The Vatican has named this Tuesday a new financial authority board comprised by three academics, a cardinal and a financial expert.

The new authority’s purpose is to watch over Vatican’s bank and to make sure that all of its offices and departments are in compliance with the international laws.

The newly established authority is called the Vatican’s Financial Information Authority (FIA) and will make sure that the Vatican’s departments and bank comply with the EU regulations over cooperating with foreign authorities and money laundering.

Attilio Nicora, an Italian cardinal who is currently the head of the APSA, was named the chairman of FIA. The three academics who have been named board member are Claudio Bianchi, Marcello Condemi and Giuseppe Dalla Torre del Tempio di Sanguinetto, whereas the financial expert is Cesare Testa.

The newly-established authority is however missing a general manager, who will be chosen by the four member of the board together with the cardinal before April 1. According to the Vatican, at that date, new laws with regard to FIA’s establishing will come in effect.

The laws, which were unveiled by the Vatican last month, are directed towards fighting against funding terrorism and bring the Vatican bank and its offices in line with EU standards regarding financial transparency.