Meanwhile, a new memorandum

While Pope Francis was in Rio de Janeiro for the celebration of the XXVIII World Youth Day, work has continued in the Vatican.  Yesterday, the Vatican Press Office released details of a Memorandum of Understanding which was signed on July 26 between the Vatican Financial Intelligence Unit and it’s Italian counterpart, the Unità di Informazione Finanziaria.

Vatican Autorità Informazione Finanziaria (AIF)
signs Memorandum of Understanding with Italian Financial Intelligence Unit (UIF)

The Autorità Informazione Finanziaria (AIF), the Financial Intelligence Unit of the Holy See and Vatican City State, signed a Memorandum of Understanding with its Italian counterpart, the Unità di Informazione Finanziaria (UIF) of the Bank of Italy, on July 26.

The Memorandum was signed in Rome by Cardinal Attilio Nicora, President of AIF, and Dr. Claudio Clemente, director of UIF.

A Memorandum of Understanding is standard practice and formalizes the cooperation and exchange of financial information to fight money laundering and terrorist financing across borders between the competent authorities of both countries. It is based on the model Memorandum of Understanding prepared by the Egmont Group, the global organization of national Financial Intelligence Units, and contains clauses on reciprocity, permitted uses of information and confidentiality.

The Holy See and the Vatican City State take international responsibilities concerning Anti-Money Laundering and the Financing of Terrorism very seriously, and Italy is an especially important partner for us, said AIF director René Bruelhart. We look forward to continuing our work with the Italian Authorities in a constructive and fruitful manner. The Memorandum of Understanding is a clear commitment to strengthen our bilateral relationship and will facilitate our joint efforts to fight against money laundering.

AIF became a member of the Egmont Group in July of this year and over the last several months signed MOUs with the Financial Intelligence Units of the United States, Belgium, Spain, Slovenia and the Netherlands. More are expected to be signed in the course of this year.

AIF is the competent authority of the Holy See/Vatican City State to fight money laundering and financing of terrorism. It was established on December 30, 2010.