The Supervisory and Financial Information Authority carries out, as provided for by law and by its proper statutes, the functions of: supervision aimed at the prevention and countering of money laundering and the financing of terrorism with regard to the entities and subjects under its supervision; prudential supervision of those entities that carry out financial activity on a professional basis; regulation for prudential purposes of those entities that carry out financial activity on a professional basis and, in the cases provided for by law, regulation for the prevention and countering of money laundering and financing of terrorism. In this capacity, it also carries out the function of financial intelligence.
(Praedicate Evangelium, Art. 248)
With Apostolic Letter issued “Motu Proprio” “For the Prevention and Countering of Illegal Activities in the Area of Monetary and Financial Dealings” of 30 December 2010, the Holy Father Benedict XVI established the Financial Information Authority (A.I.F.) as Institution connected to the Holy See, pursuant to Articles 186 and 190-191 of the Apostolic Constitution “Pastor Bonus” of 28 June 1988, endowing it with public legal personality under Canon Law and civil personality under the Vatican law, and approved its Statute.
With Apostolic Letter issued “Motu Proprio” “For the Prevention and Countering of Money Laundering, the Financing of Terrorism and the Proliferation of Weapons of Mass Destruction” of 8 August 2013, the Holy Father Francis further strengthened and articulated the functions of A.I.F.
According the same Apostolic Letter, the Holy Father confirmed that all Dicasteries of the Roman Curia and other bodies and entities that depend on the Holy See, as well as non-profit organizations having legal personality under Canon Law and their legal seat in the Vatican, fall under the scope of application of Vatican law and in particular the Law “on transparency, supervision and financial intelligence”, no. XVIII of 8 October 2013.
With Apostolic Letter issued “Motu Proprio” on 15 November 2013, the Holy Father Francis endowed A.I.F. a new Statute, responding to the renewed institutional and operational mandate. Under Article 2 of the new Statute, A.I.F. performs, in full autonomy and independence, the function of supervision and regulation for prudential purposes and for the prevention and countering money laundering and the financing of terrorism, as well as the function of financial intelligence.