Vatican, Bank of Italy Reach Deal on Cooperation After Years of Tense Relations

The Vatican’s Financial Information Authority (AIF) and the Bank of Italy on Tuesday signed a cooperation deal to set up regular reciprocal informational exchange, ending years of tense relations between the sides caused by the AIF’s failure to adhere to international standards.

MOSCOW (Sputnik) — For years, Italian financial authorities have been looking with suspicion on operations carried out by the Vatican financial institution, with allegations of money laundering being leveled on several occasions.

“The Financial Information Authority (AIF) and the Bank of Italy signed a cooperation agreement aimed at enhancing the exchange of information in the field of financial supervision, on the basis of reciprocity,” a statement published by the Holy Sea Press Office said.

The deal allows the Italian and the Vatican financial authorities “to broaden the channels of information" for monitoring transactions between Italy and the Vatican, according to the statement.

The agreement comes following a series of financial reforms in Vatican, pushed forward mainly under Pope Francis and aiming to guarantee transparency with regard to the AIF.