VATICAN CITY -- The Financial Information Authority (AIF) has signed a cooperation agreement with the Bank of Italy with the aim of aiding the exchange of information in the field of financial supervision in the Vatican, according to a press release from the Holy See.

 The agreement will allow authorities to observe the relationship between Italian financial intermediaries and organisations involved in professional financial activities in the Vatican, whilst also establishing provisions on confidentiality of information.

 This agreement follows the one between the AIF and the Italian Financial Intelligence Unit, which was signed in 2013 with the aim of fighting against money laundering and the financing of terrorist activity.

 René Brülhart, President of the AIF and one of four men to sign the agreement, said the agreement would “further strengthen the bilateral cooperation between the Holy See and Italy in the common fight against illicit financial activities,” while Director of the AIF Tommaso di Ruzza said the agreement is an “important step allowing the two supervisory Authorities to monitor the relations between financial systems.” Di Ruzza also highlights the importance of the move given the “current economic climate, both in Europe and internationally.”

 On the side of the Bank of Italy, the document was signed by Governor Ignazio Visco and Head of the Supervisory Department Carmelo Barbagallo. 

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