Vatican City

New Documents

Vatican: Former IOR President Convicted of Embezzlement, Money Laundering

The Holy See Press Office announced that the Vatican City State Tribunal convicted Angelo Caloia, former president of the Institute of Works for Religion, and lawyer Gabriele Liuzzo of embezzlement and money laundering related to the sale of 29 properties.

January 22, 2021

Pope Francis Approves Changes to Financial Information Authority

The Vatican announced that Pope Francis issued a chirograph approving the new Statute of the Financial Information Authority, which changes the agency’s name to the Supervisory and Financial Information Authority in an effort to redefine its role.

December 9, 2020

Pope Francis Discusses Vatican’s Financial Crime Efforts with Moneyval

October 9, 2020

Vatican City Welcomes Moneyval Team of Evaluators

October 1, 2020

Vatican Bank Adopts Updated General Regulations to Manage Financial Risks

September 22, 2020

News

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

USPS filed incomplete SARs, former Latvian AML regulators criticize their country’s AML enforcement, and more, in the weekly roundup.

January 22, 2021

Midweek Roundup: US House Again Approves BSA Reform, Treasury Sanctions Unit Set for Wholesale Audit Under Biden, and More

ING’s former chief faces Dutch criminal investigations for AML violations, Norway prepares large penalty against DNB, and more, in the midweek roundup.

December 10, 2020

Midweek Roundup: FinCEN Logs Nearly 100,000 COVID SARs, Commonwealth Bank Funneled BTC-e Funds, and More

September 30, 2020

Midweek Roundup: New York Penalizes Deutsche Bank, FinCEN Releases COVID-19 Guidance, and More

July 8, 2020

Midweek Roundup: Former ICBC Staff in Spain Settles Money Laundering Charges, Swiss Investigate UBS, and More

June 17, 2020

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

Technical Effectiveness
Compliant : 3 High :
Largely Compliant : 19 Substantial :
Partially Compliant : 13 Moderate :
Non-Compliant : 10 Low :
Not-Applicable : 4

BASEL i

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Score : N/A

TRANSPARENCY INTERNATIONAL i

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Tax Justice Network i

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