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AP National Business

Pope tightens oversight of Vatican-linked foundations

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Published 5:26 AM

By NICOLE WINFIELD
Associated Press

VATICAN CITY (AP) — Pope Francis has tightened control and oversight over Vatican-based foundations and associations in his latest effort to impose international standards of accounting and governance on Vatican offices.  A new law aims to bring the Holy See into further compliance with recommendations from a Council of Europe committee that fights money laundering and terror financing. In April, the committee flagged as problematic the lack of an overarching law governing the creation and administration of foundations that are registered in Vatican City. Such foundations draw donations from the faithful but until recently had little oversight or accountability.  The new law lays out strict governance, administrative and accounting regulations.

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