New Vatican banking normns unveiled

Vatican – Vatican state has announced its adoption of new rules further regulating its financial affairs. Announcing the enactment of new regulations as part of Law XVIII, which are designed to deal with transparency, Archbishop Dominique Mamberti, Secretary for Relations with States, said the rules are important in counteracting money laundering and the financing of terrorism. Law XVIII gives the Financial Information Authority (FIA) the power to intervene when there is cause for concern about possible criminal activity. The FIA can request a detailed report on financial transfer, and suspend suspicious transactions for up to five working days while an investigation is carried out.