Pope Francis to Moneyval: 'Money must serve, not govern'

In a speech Thursday to Moneyval representatives evaluating the Vatican, Pope Francis stressed that money should be in the service of human beings, not the other way around.

"Once the economy loses its human face, then we are no longer served by money, but we ourselves become servants of money," he said on October 8. "This is a form of idolatry against which we are called to react by re-establishing the rational order of things, which appeals to the common good, for which 'money must serve, not govern'".

The pope turned to Moneyval, the Council of Europe's anti-money laundering supervisory body, just over halfway through his two-week on-site inspection of the Holy See and Vatican City.

The purpose of this phase of the evaluation is to judge the effectiveness of the legislation and procedures to combat money laundering and terrorist financing. For Moneyval, this depends on the prosecution and the courts, according to a 2017 report.

Pope Francis welcomed the group and its assessment, stating that its work to combat money laundering and the financing of terrorism "is particularly close to my heart".

“Indeed, it is closely linked to the protection of life, the peaceful coexistence of the human race on earth and a financial system that does not oppress those who are weakest and most in need. It's all connected together, ”he said.

Francis emphasized the connection between economic decisions and morality, noting that "the social doctrine of the Church has emphasized the fallacy of neoliberal dogma, which holds that economic and moral orders are so completely distinct from each other that the former does not in no way depends on the last. "

Citing his 2013 apostolic exhortation Evangelii gaudium, he said: “In light of current circumstances, it would appear that 'the worship of the ancient golden calf has returned in a new and ruthless guise in the idolatry of money and the dictatorship of an impersonal economy devoid of a truly human purpose. ""

Quoting from his new social encyclical, "Brothers all", he added: "Indeed, 'financial speculation fundamentally aimed at quick profit continues to wreak havoc'".

Francis indicated his law of 1 June on the award of public contracts, stating that it was enacted "for a more effective management of resources and for the promotion of transparency, control and competition".

He also referred to an August 19 order from the Governorate of Vatican City which required "voluntary organizations and legal entities of the Vatican City State to report suspicious activity to the Financial Intelligence Authority (AIF)".

"Anti-money laundering and terrorism policies are a means to monitor money movements," he said, "and to intervene in cases where irregular or even criminal activities are detected."

Speaking of how Jesus drove the merchants out of the temple, he again thanked Moneyval for his services.

"The measures you are considering are intended to promote 'clean finance', in which 'merchants' are prevented from speculating in that sacred 'temple' which, according to the Creator's plan of love, is humanity", he said.

Carmelo Barbagallo, president of AIF, also addressed the Moneyval experts, stressing that the next step in their assessment will be a plenary meeting in Strasbourg, France, in 2021.

“We hope that by the end of this evaluation process, we will have demonstrated our extensive efforts to prevent and combat money laundering and terrorist financing,” Barbagallo said. "These numerous efforts are truly the best evidence of this jurisdiction's strong commitment."

“Of course, it is obvious that we are ready to promptly improve the protocol in all possible areas of weakness that need to be addressed,” he concluded.