Vatican City, Apr 1, 2011 / 15:35 pm
New laws to prevent possible money laundering and terrorism financing from being channeled through the Vatican went into force on April 1.
The provisions are aimed at preventing money from being funneled through the Vatican using accounts that had historically provided anonymity in international banking.
The law was originally issued on Dec. 30, accompanied by a letter of approval from Pope Benedict XVI. According to an April 1 note from the Holy See's Press Office, the legislation resulting from the two documents constitutes "an event of great importance which has wide-reaching moral and pastoral implications."
In 2010, several large-sum transfers between bank accounts managed by the Vatican were frozen by European banks because of a lack of information on account holders and benificiaries. In response, the Holy See decided to ramp up its controls and bring its financial activities up to the most rigorous international standards.