杏MAP导航

By Vatican News

杏MAP导航 Francis on Saturday approved the (FIA), which will henceforth be called the Supervisory and Financial Information Authority [It: Autorità di Supervisione e Informazione Finanziaria (ASIF)].  He issued a 鈥溾�� to approve the new Statute that comes into effect immediately on Saturday, December 5. A chirograph is a form of a papal document with legal force circulated among the Roman Curia.

鈥淚n the overall reform desired by 杏MAP导航 Francis for the Holy See and the Vatican City State, aimed at greater transparency and the strengthening of controls in the economic-financial field, the Holy Father has approved the new Statute of the Financial Information Authority, which, from today's date, will be called the "Supervisory and Financial Information Authority" (ASIF),鈥� said the Holy See Press Office in a release on Saturday.

The change of name had been hinted at earlier in July when FIA published its annual report.  Following the 杏MAP导航鈥檚 approval of the ASIF Statute, FIA President Carmelo Barbagallo, who now becomes ASIF鈥檚 president, explained some of its important features.  As part of the 杏MAP导航鈥檚 overall reform of the Holy See and the Vatican City State, he said, it is regarding 鈥渢ransparency and strengthening of controls in the economic-financial field鈥�.  In this context, the most important changes are regarding the governance and organizational structure of the Authority.

鈥楽upervisory鈥� role

The word 鈥渟upervisory鈥� that has been integrated, Barbagallo said, is 鈥渘ot just a name change鈥� but allows the Authority 鈥渢o be aligned with the tasks actually assigned to it鈥�.  He pointed out that since 2013, in addition to its original task of intelligence to combat money laundering and financing of terrorism, the Authority has also been exercising "prudential" regulatory and supervisory functions on institutions providing financial services on a de facto professional basis, such as to IOR (Institute for Works of Religion, commonly known as the Vatican Bank).  鈥淭his is the reason behind the addition of the term 鈥榮upervisory鈥�, which of course, is to be understood in the financial field,鈥� he said.

Distribution of roles

The Press Office said that the 鈥渕ain changes include a renewed distribution of roles between the Chairman and the Management - of a strategic nature for the former, aimed at effectiveness and operational efficiency for the latter - and the establishment of a new unit, dedicated to 鈥楻egulation and Legal Affairs鈥欌��.

Commenting on this, Barbagallo said that while confirming the governing Council's role, the new Statute also underscores the President's proactive role in the development of the Authority's strategy, reinforcing his responsibility regarding supervision.   鈥淎t the same time, the role of the management, namely the Director and the Deputy Director, has been consolidated in order to ensure the effectiveness and operational efficiency of the Authority.鈥�

Barbagallo also spoke about changes in the internal organization of the Authority.  鈥淚n line with international best practice,鈥� he said, 鈥渢he Regulatory and Legal Affairs Office has been set up to deal with all legal issues, including regulation.鈥�  Thus, 鈥渢he tasks of setting the rules have been separated from those of exercising control鈥�.  This divides the Authority's activities into three units: "Supervision", "Regulation and Legal Affairs" and "Financial Information".

Recruitment

Another new feature is that for hiring and recruiting, ASIF will now have to pass through CIVA, the independent evaluation commission for the recruitment of lay personnel for the various entities of the Roman Curia.   Barbagallo explained that the reason behind this to align the Authority鈥檚 administrative rules with those of the other supervisory bodies of the Roman Curia, which already follow the rules common to the various departments and offices.

However, he pointed out that this process will be completed shortly.  He said that going through CIVA, 鈥済uarantees a more extensive selection of candidates and greater control in recruitment decisions, avoiding the risk of arbitrariness鈥�.  This choice, he said, 鈥渃ontributes to strengthening the Authority's independence in the exercise of its important prerogatives鈥�.