Pope Francis replaced an all Italian board of Financial Information Authority

Jun 9, 2014 15:40 IST

Pope Francis on 5 June 2014 has replaced an all Italian board of Financial Information Authority which is Vatican's financial watchdog agency. The move was taken following  repeated clashes between the board and the agency's director.

The four new board members were appointed from Italy, Switzerland, Singapore and the United States on 5 June 2014. The board for first time includes a woman.

The previous board was named by Pope Benedict XVI in 2011, for five years.

About Financial Information Authority

The Vatican created the agency in 2010 to supervise and regulate the financial activities of the city and to share financial information with other countries to comply with international anti-money laundering norms.

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