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Elizabeth K. Spahn Editor Emeritus 

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Julie DiMauro Contributing Editor

Thomas Fox Contributing Editor

Marc Alain Bohn Contributing Editor

Bill Waite Contributing Editor

Shruti J. Shah Contributing Editor

Russell A. Stamets Contributing Editor

Richard Bistrong Contributing Editor 

Eric Carlson Contributing Editor

Bill Steinman Contributing Editor

Aarti Maharaj Contributing Editor


FCPA Blog Daily News

« China Corruption Blotter (June 6, 2014) | Main | Book exposes world of anonymous shell companies »
Friday
Jun062014

Pope Francis speeds ahead with Vatican clean up

Pope Francis named four experts from Switzerland, Singapore, the United States and Italy to replace five Italians on the board of the Financial Information Authority, the Vatican internal regulatory office said.

The new FIA board includes a woman for the first time, the Independent reported Thursday.

The five outgoing members had been expected to serve five-year terms ending in 2016.

The Pope's advisers have been pushing for him to appoint professionals in the mold of Rene Bruelhart, a Swiss lawyer who has been leading the FIA since 2012 and pressing for reforms.

Bruelhart was Liechtenstein's former top anti-money laundering expert.

The new FIA board includes Marc Odendall, who administers and advises philanthropic organizations in Switzerland, and Juan C. Zarate, a Harvard law professor and senior advisor at the Center for Strategic and International Studies in Washington D.C.

The other board members are Joseph Yuvaraj Pillay, former managing director of the Monetary Authority of Singapore and senior advisor to Singapore's president, and Maria Bianca Farina, the head of two Italian insurance companies.

Since Bruelhart arrival and Pope Francis's election, the Vatican has been instituting reforms to align itself with international standards on financial transparency and money laundering.

In February, Pope Francis replaced four of the five cardinals on the commission that supervises the Vatican's bank, known as the Institute for Works of Religion. 

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Julie DiMauro is the executive editor of the FCPA Blog and can be reached here.