SEPA Has Become Operational at the Vatican

Source: FSSPX News

On September 30, 2019, the Vatican bank announced its effective integration into the SEPA platform, the management system of the single euro payment area. By coincidence, thatsame day, Vatican police seized several documents from within the Secretariat of State’s offices, as part of a financial investigation into past transactions.

“This is a very positive sign” that demonstrates the efforts made in terms of “financial transparency,” says René Brülhart, the President of the Financial Information Authority (AIF). This regulatory body was set up by Pope Benedict XVI to enable the Holy See to comply with international standards on financial movements.

SEPA, “Single Euro Payments Area,” aims to simplify electronic payments made in Europe. It allows any holder of a bank account to transfer funds under identical conditions, regardless of the country.

The process of the Vatican’s technical adaptation to SEPA lasted a few months, but it is done.The smallest state in the world has joined the 28 other countries of the European Union integrated into this new payment system.

The same day the seizure of documents and electronic devices by the Vatican police, was carried out at the first section of the Secretariat of State. The Office of the Auditor General—the Vatican’s anti-corruption authority—is investigating several past financial transactions. The release of a communiqué signed by the gendarmerie commander of the Vatican City State, Domenico Giani, immediately undermined the confidence of the investigation. On October 14, the pope accepted his resignation.