Vatican has strengthened its financial oversight, report shows

Last updated on: May 19, 2014 at 9:07 pm by CNA Daily News

Vatican has strengthened its financial oversight, report shows 2014-05-19T21:07:00+00:00 CNA Daily News

LOGO Patheos Explore the world's faith through different perspectives on religion and spirituality! Patheos has the views of the prevalent religions and spiritualities of the world.

Vatican City, May 19, 2014 / 03:07 pm (CNA/EWTN News).- The Authority for Financial Information’s second annual report presents an increasing number of suspicious transactions reported – a reflection of stronger oversight of Vatican finances.

“In 2013 we have taken further decisive steps to foster the legal framework, and, at the same time, to make it work in practice,” said Rene Bruelhart, director of the AIF, at a May 19 presentation of the report at the Holy See press office.

“Today we have a proper and equivalent system in place to prevent and fight financial crime. A system that is well in line with international standards.”

The annual report is divided in three parts: the first presents the legal, institutional, and international framework in which the authority operates and its internal organization; the second deals with data; and the third demosntrates the legal changes which have strengthened its oversight of Vatican finances.

The AIF was established by Benedict XVI in 2010 to oversee the Vatican's monetary and commercial agencies, including the Institutes for the Works of Religion, or “Vatican bank.”

In 2013, Pope Francis issued three motu proprio extending the AIF’s authority and giving it new statutes, and aligning Vatican financial law with international standards.

“The new statutes have built the AIF on two pillars, supervision and financial intelligence, and have clarified some aspects with regard to governance,” Bruelhart commented.

The AIF recorded a notable uptake in suspicious transation reports – from 1 in 2011, to six in 2012, to 202 in 2013.

“It is a significant increase, but a suspicious transaction report is not evidence that something went wrong,” Bruelhart commented.

Rather, the uptake “means the reporting system works.”

Of the 202 reports made last year, five were forwarded to the Vatican’s Promoter of Justice to be further investigated by judicial authorities.

The report also showed that the AIF has made an increasing number of requests from foreign authorities – one in 2012, and 23 in 2013. Conversely, the Vatican received information requests from foreign authorities thrice in 2012, and 53 times in 2013.

This increasing international cooperation has been fostered by the AIF’s signing of memoranda of understading with its counterparts in the U.S., Italy, Germany, Slovenia, and the Netherlands. Bruelhart added that further such agreements would be signed in the future.

Bruelhart also underscored that the AIF became in July 2013 a member of the Egmont Group, which gathers most national finanical intelligence groups, and that “being a member of the Egmont Group is a clear signal of a strong commitment by the Holy See” to combatting money laundering and the financing of terrorism.

The AIF also conducted its first ordinary on-site inspection of the Vatican bank at the beginning of 2014, which showed “substantial progress” made throughout the last year.

The inspection also led the AIF to develop a plan of action to fully implement the Vatican’s new financial laws and to otherwise improve its oversight of Vatican finances.

Vatican

Previous Post

May 19, 2014

Pope to Mexican bishops: promote 'spirit of harmony'

Next Post

May 19, 2014 New appointment to CDF shows Vatican's concern for clergy abuse

Browse Our Archives

Select a Category Americas Asia - Pacific Europe Middle East - Africa Uncategorized US Vatican

Select a Month November 2017 October 2017 September 2017 August 2017 July 2017 June 2017 May 2017 April 2017 March 2017 February 2017 January 2017 December 2016 November 2016 October 2016 September 2016 August 2016 July 2016 June 2016 May 2016 April 2016 March 2016 February 2016 January 2016 December 2015 November 2015 October 2015 September 2015 August 2015 July 2015 June 2015 May 2015 April 2015 March 2015 February 2015 January 2015 December 2014 November 2014 October 2014 September 2014 August 2014 July 2014 June 2014 May 2014 April 2014 March 2014 February 2014 January 2014 December 2013 November 2013 October 2013 September 2013 August 2013 July 2013 June 2013 May 2013 April 2013 March 2013 February 2013 January 2013 December 2012 November 2012 October 2012 September 2012 August 2012 July 2012 June 2012 May 2012

TAKE THE

Religious Wisdom Quiz

How did Saul first offend God as king?

Select your answer to see how you score.

He offered sacrifices himself He defeated the Philistines He took the Ark He built an idol