BREAKING NEWS

Vatican creates financial watchdog amid bank probe

By ASSOCIATED PRESS

DECEMBER 30, 2010 14:35

The Vatican on Thursday created a financial watchdog agency and issued new laws to try to comply with international rules to fight money laundering and terrorist financing.

The decrees, which go into effect April 1, were passed as Vatican's own bank remains implicated in a money-laundering investigation that resulted in 23 million euros ($31 million) being seized and its top two officials placed under investigation.

Pope Benedict XVI signed the documents Thursday, saying the Vatican wanted to join other countries that have cracked down on legal loopholes that have allowed criminals to exploit the financial sector.

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