Vatican City

New Documents

IOR Denies Claims of Receiving Money from Russia

The Vatican’s Institute for the Works of Religion denied allegations made by Ukrainian politician, Mychajlo Podoljak, that it receives or invests in Russian money.

September 21, 2023

Vatican IOR Releases 2022 Annual Report

The Vatican’s Institute for the Works of Religion, also known as Vatican Bank, published a report summarizing its activities for fiscal year 2022, stating that the institution introduced a policy on “staff evaluation and incentive system” to improve transparency standards.

June 6, 2023

Vatican Financial Regulator Publishes 2022 Annual Report

May 10, 2023

Vatican Official Discusses Humanitarian Work at Moneyval Conference

May 1, 2023

Vatican ASIF Publishes 2021 Annual Report

June 14, 2022

News

Midweek Roundup: Austrian Bank Sees Path Around Sanctions, FinCEN Advances Real Estate Rule, and More

German prosecutors move to seize €720 million, Binance offered French regulator a senior position, and more, in the weekly roundup.

December 20, 2023

Midweek Roundup: Biden Orders Cryptocurrency Review, FinCEN Warns of Russian Sanctions Evasion, and More

U.S. senators seek sanctions on Russian gold, U.K. lawmakers advance economic-crime bill, and more, in the midweek roundup.

March 10, 2022

Midweek Roundup: EU Unveils AML Plan, New York Nears Settlement with Online Trader, and More

July 21, 2021

Weekly Roundup: Nigerian FIU Denounces Politicians, California Movie Producer Accused of Leading Prostitution Ring and Laundering Profits, and More

July 16, 2021

Midweek Roundup: Vatican Chargers Former FIU Chief, Global Regulators Target Binance, and More

July 7, 2021

Enforcement Actions

0 Items Found

Key Documents

Vatican City State Publishes Its First Out of Four Newly Adopted AML Laws (in Italian)

December 30, 2010

Vatican City Adopts AML Law

December 30, 2010

Pope Benedict XVI Adopts Vatican City State's AML Law

December 30, 2010

Supreme Pontiff Pope Benedict XVI Establishes AML Enforcement Institution (in Italian)

December 30, 2010

Important Facts

  • The U.S. State Department labels Vatican City (the Holy See) as a jurisdiction of concern. The Holy See is an atypical government, being simultaneously the supreme body of government of the Catholic Church and a sovereign entity under international law. The Institute for Works of Religion (IOR) performs functions similar to that of a bank, so it is commonly referred to as the Vatican Bank. Unlike a normal bank, the IOR does not loan money, collect interest or make a profit. Rather, the IOR acts as a clearinghouse for Vatican accounts, moving funds from Catholic Church sources to Catholic Church destinations. There is no market for illicit or smuggled goods in the Vatican City and there are no indications of trade or drug-based money laundering or ties to terrorist financing activity. Key reforms instituted by Pope Francis concerning the governance of three Vatican oversight bodies came into effect on March 1, 2015.
  • KYC Covered Entities:  All institutions, entities, or persons dependent on the Holy See, including departments of the Roman Curia and the IOR that perform financial activities on a professional basis, as well as nongovernmental organizations (NGOs), religious orders, convents, monasteries, charities, men and women religious, and diplomats assigned to the Holy See
  • STR Covered Entities:  All institutions, entities, or persons dependent on the Holy See, including departments of the Roman Curia and the IOR that perform financial activities on a professional basis, as well as NGOs, religious orders, convents, monasteries, charities, men and women religious, and diplomats assigned to the Holy See
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 0 (2015); Convictions: 0 (2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 4 High : 0
Largely Compliant : 28 Substantial : 5
Partially Compliant : 6 Moderate : 6
Non-Compliant : 1 Low : 0
Not-Applicable : 1

BASEL i

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TRANSPARENCY INTERNATIONAL i

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Tax Justice Network i

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