January 20, 2011. Benedict XVI has appointed Cardinal Attilio Nicora as president of the new Financial Information Authority. This is the first institution in the history of the Vatican responsible for monitoring financial activities.
Members of the directing council for the Financial Information Authority, or the FIA, will consist of four members: Claudio Bianchi, professor of accounting at the University of La Sapienza in Rome, Marcello Condemi, who teaches economic law at the University Marconi of Rome, Giuseppe Dalla Torre, rector of the LUMSA University in Rome, and Cesare Testa, president of the institute responsible for aid from the clergy of the Italian Episcopal Conference.
On December 30, the Vatican announced new rules meant to “prevent and combat illegal activities in the financial and monetary fields.” With these new laws coming into force on April 1, it will bring the Vatican up to European standards on anti-fraud laws.