Reuters reported today that the Vatican will adopt laws that comply with international standards on financial crime.
The new regulations were enacted at midnight April 1.
This comes after Italian authorities seized $31 million (Cdn) of Vatican bank assets as part of an investigation into suspected money laundering in September 2010. Officials at the Vatican Bank, officially named the Institute for Works of Religion, contends that they were only transferring money between accounts
Last year, in the wake of this controversy Pope Benedict XVI ordered internal regulations to see to it that its bank and all other departments adhere to international regulations and standards and cooperate with foreign authorities.
The laws involve the establishment of a Financial Information Authority which will investigate Vatican employees suspected of violating the laws. Those suspected will be judged by Vatican tribunals and serve time in Italian prison, in accordance to an agreement between the two states.
Money laundering will now be punishable by up to 12 years in prison.
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