Wednesday, December 29, 2010

Pope Benedict to Reform Vatican Banking System; Will Deter Possibility of Money-Laundering, Fraud

The Catholic Culture website reports today (December 29, 2010) that Pope Benedict XVI will issue a document tomorrow that reforms the Vatican banking system.

The Vatican Press Office announced that a "motu proprio" will be released on December 30, imposing new regulations to combat the possibility of money-laundering and fraud.

The Pope will set up a new Financial Information Authority to "prevent and combat illegal activities" in financial affairs.

The new rules are in response to criticism that unnamed officials have used the Vatican bank to mask illegal transactions.

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