Vatican City

New Documents

Pope Francis Discusses Vatican’s Financial Crime Efforts with Moneyval

Pope Francis issued remarks to the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism discussing the Vatican’s approach to money laundering and financial crime.

October 9, 2020

Vatican City Welcomes Moneyval Team of Evaluators

The Holy See’s Press Office announced that Vatican Secretary of State Cardinal Pietro Parolin welcomed an evaluation team from the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, or Moneyval.

October 1, 2020

Vatican Bank Adopts Updated General Regulations to Manage Financial Risks

September 22, 2020

Vatican FIA Publishes 2019 Annual Report

July 8, 2020

Vatican Bank Publishes 2019 Annual Report Highlighting AML Guidelines

June 9, 2020

News

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

Banks and governments wary of cryptocurrency’s AML risks, EU to start infringement proceedings against three members’ ‘golden visa’ schemes, and more, in the midweek roundup.

September 30, 2020

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

German lender filed SAR on Wirecard in 2018, Mastercard execs alerted of possible money laundering at Wirecard in 2016, and more, the midweek roundup.

July 8, 2020

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

June 17, 2020

Midweek Roundup: Swiss Investigate Julius Baer for AML Failures, US Drops Pilatus Bank Case, and More

June 10, 2020

Midweek Roundup: US Authorities Fine South Korean Bank, Hong Kong Penalizes Chinese Lender, and More

April 22, 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

Rank : N/A
Score : N/A

TRANSPARENCY INTERNATIONAL i

Rank : N/A
Score : N/A

Tax Justice Network i

Rank : N/A
Score : N/A