The decision taken on Nov. 13, 2019 to suspend the Financial Information Authority (AIF) from the international information circuit, Egmont Secure Web, has been revoked.

Dr. Carmelo Barbagallo President of the Financial Information Authority (FIA), made this announcement in statement today, Jan. 23, 2019, published by the Holy See Press Office.

The Holy Father Francis appointed Dr. Barbagallo as AIF President on Nov. 27, 2019, following Pope Francis ‘ Apostolic Journey to Thailand and Japan. The Italian businessman was General Officer with a top-level Advisory Position on the Board of Directors of the Bank of Italy, in matters of banking and financial supervision and in relations with the Single Supervisory Mechanism, the structure that overseas the main European banks.

“I am pleased to announce,” his statement began, “that, last night, the President of the Egmont Group, Mr Mariano Federici, decided to revoke the decision taken on 13 November 2019 to suspend the Financial Information Authority (AIF) from the international information circuit, Egmont Secure Web.”

This, Barbagallo underscored, “is a very important step,” “one which demonstrates the confirmed trust of the Egmont Group in the financial information system of the Vatican.”

“This decision,” it continued, “follows the explanations provided by AIF to Egmont concerning the extraordinary nature of the facts that gave rise to the suspension and AIF’s assurances that the information received from the Egmont circuit will be treated in a manner that is consistent with the rules that apply to that circuit, partly thanks to the signing of a Memorandum of Understanding with the Promoter of Justice.

Barbagallo’s statement concluded, stating: “The decision to revoke the suspension makes it possible for AIF to resume its collaboration with foreign financial intelligence units in full transparency and in the spirit of active cooperation.”

After Barbagallo’s appointment, he said that the position “constitutes an honor of which I feel all the moral and professional weight, and I thank the Holy Father for the trust he has placed in me.”

He expressed his hope to “contribute all the experience accumulated in 40 years of work in the Bank of Italy, as Inspector, as Head of Vigilance on the Italian Banking and Financial System and in the ambit of the European Banking Supervision System. “

The Bank of Italy, upon his appoimentment, said that in his long professional career in the Bank of Italy, Carmelo Barbagallo has acquired broad experience in the field of banking supervision. It expressed its “profound appreciation for the work carried out in the last years, with dedication and competence, by Carmelo Barbagallo.

“His appointment consolidates the fruitful relationship of collaboration that has existed for some time with the Vatican Authority,” they said.

Born in Siciliy in 1956, he is married and has two children. He is the author of numerous articles and studies on banking and finance.

The post Egmont Revokes Decision to Suspend AIF — Declares Carmelo Barbagallo, Vatican’s New Financial Information Authority President appeared first on ZENIT – English.