Vatican: With international cooperation and controls, suspicious economic activities have declined

The Financial Information Authority presents its annual report on financial and supervisory activities both in the regulatory framework and in the prevention and combating of money laundering and financing of terrorism

Vatican City (AsiaNews) – An intensification in international co-operation and increased reporting of suspected activities characterized the work of the  Financial Intelligence Authority (AIF) of the Holy See and Vatican City State in 2016, highlighted in the annual report on Financial and supervisory information activities, both in the prudential field and in the prevention and counterfeiting of terrorism and money laundering, presented today to journalists.

 A significant fostering of international cooperation of the Vatican competent authority with its foreign counterparts to fight illicit financial activities, a consolidation of the reporting system as well as a further strengthening of the regulatory framework have been some of the key achievements in 2016. “International cooperation is a precondition to fight financial crimes and the Vatican is fully committed to it.” said René Brülhart, President of AIF. “In 2016, AIF has seen a significant increase of bilateral cooperation with competent authorities of other jurisdictions and will continue to be an active partner to combat illicit financial activities globally.”

 “The number of suspicious activity reports (SARs) by different reporting subjects decreased in comparison to 2015 (207 in 2016, 544 in 2015). But the number of SARs was still higher than in previous years, indicating an ever-increasing and effective implementation of reporting requirements by supervised entities.”, said Tommaso Di Ruzza, Director of AIF. “In parallel, SARs show an improvement in terms of quality with a positive impact on the reports AIF disseminated to the Vatican Promoter of Justice, which are leading to domestic prosecution, and on the international cooperation with foreign FIUs, registering a notable development”. In 2016, 22 reports have been submitted for further investigation by Vatican judicial Authorities. The number of cases of bilateral cooperation between AIF and foreign FIUs has increased from 81 in 2013, to 113 in 2014, to 380 in 2015 and 837 in 2016.