The Vatican’s Commitment to Financial Integrity
As the world looks towards greater financial transparency and integrity, the Vatican has taken significant steps to ensure its financial systems are effective and compliant. The Annual Report from the Vatican Supervisory and Financial Information Authority (ASIF) highlights the progress made in preventing money laundering, terrorism financing, and the proliferation of weapons of mass destruction.
The ASIF’s 2024 Annual Report showcases the increasing effectiveness of procedures and a heightened attention to geographical risk. The Institute for the Works of Religion (IOR) is recognized as a well-organized entity, with positive assessments from the Moneyval Committee of the Council of Europe.
Enhanced Reporting and Monitoring
In 2024, ASIF received 79 reports of suspicious activity, a decrease from the previous year but seen as a positive shift towards higher quality reporting. The focus on refining the selection process for cases to be reported has led to improved collaboration and the adoption of preventive measures.
Furthermore, the ASIF’s emphasis on geographical risk highlights the importance of understanding the risks associated with different regions, especially in the context of global financial activities within the Church.
IOR’s Strength and Compliance
Throughout 2024, ASIF closely monitored the Institute for the Works of Religion (IOR) to ensure compliance with prudential rules and operational limits. The IOR was commended for its solid and well-organized structure, with a focus on financial sustainability and responsible governance.
The positive outcome of the Moneyval Committee’s follow-up on technical compliance reaffirms the Vatican’s commitment to aligning with international standards on financial integrity.
Conclusion
The Vatican’s dedication to financial integrity is evident in the ASIF’s Annual Report. With a focus on prevention and compliance, the Vatican continues to strengthen its financial systems and uphold global standards of transparency and accountability.
Dr. Carmelo Barbagallo, President of ASIF, emphasizes the importance of cooperation and action in combating money laundering and terrorism financing, highlighting the significant progress made in 2024.
