Vatican City

New Documents

The Supervisory and Financial Information Authority of the Vatican City published its 2022 annual report, covering efforts to improve anti-money laundering and counterterrorist financing measures in line with international standards.

The Vatican’s Assessor for General Affairs at the Secretariat of State, Roberto Campisi, delivered remarks on the importance of ensuring that anti-corruption, anti-money laundering, and counterterrorist financing measures do not impact legitimate humanitarian work.

Enforcement Actions

0 Items Found


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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