Diffusion everywhere: Regulatory independence reaches the Vatican

The diffusion of independent regulatory authorities has been well documented (e.g., here, here). Now the tide has reached even the Vatican:

The Vatican is seeking to make its new financial watchdog agency fully independent by relieving its president of his other job in the Holy See’s administration.

There had been questions about possible conflicts of interests when Cardinal Attilio Nicora was named president of the Vatican’s Financial Information Authority earlier this year.

The watchdog agency was created to ensure all Vatican financial transactions comply with EU and international anti-money laundering and anti-terror financing laws.

Vatican spokesman the Rev. Ciro Benedettini said Thursday that “common sense” dictated that as chief watchdog, Nicora couldn’t be responsible for checking compliance of his other office, which administers Vatican personnel and other assets.

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