Vatican City

New Documents

Ukraine SFMS, Holy See Sign FIA Sign AML/CTF Cooperation Agreement

The Financial Monitoring Service of Ukraine announced the signing of an agreement with the Supervisory and Financial Information Authority of the Holy See regarding cooperation on money laundering, related predicate crimes, terrorist financing, and proliferation financing.

October 7, 2021

Vatican Supervisory and Financial Information Authority Highlights AML/CTF Efforts in 2020

The Vatican Supervisory and Financial Information Authority (ASIF) published its 2020 Report, which focuses on the jurisdiction’s compliance with anti-money laundering and counterterrorist financing international standards over the past year.

July 16, 2021

IOR Publishes 2020 Annual Report, Highlighting AML/CTF Improvements

June 22, 2021

Vatican Welcomes New Moneyval Evaluation Report

June 11, 2021

Moneyval Publishes 5th Round Mutual Evaluation of Holy See

June 9, 2021

News

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

U.S. military inadvertently violated sanctions, hundreds of German financial institutions lack AML supervision, and more, in the midweek roundup.

July 21, 2021

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

EU plans beneficial ownership rules for real estate sector, bloc’s AML agency will cost banks €34 million annually, and more, in the weekly roundup.

July 16, 2021

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

July 7, 2021

Weekly Roundup: MoneyGram Exits AML Settlement, Luxembourg Faces Daily AML Penalty, and More

June 11, 2021

Weekly Roundup: White House Orders Regulatory Freeze, PayPal Closes Capitol Rioter’s Account, and More

January 22, 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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