After Scandals, Pope Revamps Vatican's Finance Intel Unit

It's part of pontiff's efforts to prevent and counter 'money laundering and the financing of terrorism'
By Newser Editors and Wire Services
Posted Dec 5, 2020 8:30 AM CST
Pope Makes Big Changes to Vatican's Financial Intel Unit
Pope Francis is seen at St. Peter's Basilica at the Vatican on Nov. 28, 2020.   (Fabio Frustaci/POOL via AP)

Pope Francis has revamped the Holy See's financial intelligence and anti-money-laundering unit following financial scandals, including an ongoing in-house corruption probe, Vatican officials said Saturday. The changes involve the governance and organization of the unit, which has been renamed the Supervisory and Financial Information Authority, or ASIF, the Vatican said. Until Saturday, it was known as AIF, or the Financial Information Authority. The revamped authority's president, Carmelo Barbagallo, a former Italian central bank official, says the changes ordered by Francis in the form of a new statute would strengthen the entity's financial supervisory responsibilities. Francis is intent on bringing greater accountability and transparency to the Vatican, building on efforts forged by his predecessor, Benedict XVI, per the AP.

ASIF's activities are being divided into three units: vigilance, rules and legal affairs, and financial information. Its functions include "supervision aimed at the prevention and countering of money laundering and the financing of terrorism," according to the new statute. In signing off on the statute, Francis cited the Holy See's "progressive implementations of supervisory offices regarding anti-laundering, combating terrorism, and the proliferation of the arms of mass destruction." Financial scandals have dogged the Vatican for decades. One of the latest centers on a London real estate deal involving a $350 million Vatican investment. Vatican investigators are looking into the case.

(More Pope Francis stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.