Sunday, December 08, 2013

Vatican and Germany sign cooperation document in fight against money laundering Financial Intelligence Unit of the Holy See (AIF) on Wednesday, December 4, signed a Memorandum of Understanding with its German counterpart, the "Zentralstelle für Verdachtsmeldungen at the Bundeskriminalamt" (BKA).

The Memorandum was signed in the Vatican by Cardinal Attilio Nicora, President of AIF, and by Dr. Michael Dewald, director of Zentralstelle für Verdachtsmeldungen at the Bundeskriminalamt (BKA).

A Vatican Comuniquè explains that a Memorandum of Understanding (MOU) 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.

“This Memorandum is strengthening AIF’s international reach and further integrates the Holy See and the Vatican City State with a coordinated global effort to fight Money Laundering and the Financing of Terrorism,” said AIF Director René Bruelhart. “Today’s signing underlines our fruitful relationship and will further facilitate our joint efforts.”

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

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

No comments: