Vatican: Fewer Suspicious Transactions

Source: FSSPX News

René Brülhart, President of the Vatican’s Authority for Financial Information (AIF).

The Vatican’s Authority for Financial Information (AIF) made public on May 16, 2017, its fifth “annual report of information and oversight” covering the year 2016.

During a press conference held on that same day, the directors of the AIF declared that the number of reports of “suspicious activities” decreased by more than half, from 544 in 2015 to 207. According to Vatican Radio, twenty-two “suspicious dossiers” remain, which were forwarded to the Vatican procurator in 2016.

According to the President of AIF, René Brülhart, who was quoted by Le Figaro on May 16, 2017, the system implemented at the Vatican to detect financial anomalies is “relatively new”, which explains why the supervisory procedures are still imperfect. Nevertheless, the Swiss banker announced that “the internal system was reinforced also by the adoption of a new circular [i.e. guidelines] in reference to accounting principles and the requirements for statistical reporting.”

In 2011 the Vatican had asked Moneyval, a money-laundering watchdog of the Council of Europe, to participate in the evaluation process. The previous report, in 2015, had concluded that the Vatican had remedied many structural weaknesses, but was delaying the start of judicial proceedings.

Established in 2010 by Benedict XVI, the AIF, the Vatican’s “financial police”, is part of the financial agencies at the Vatican that are fighting against money-laundering and the financing of terrorism. It is under the supervision of the Secretariat for the Economy created in 2014, which itself is controlled by the Council for the Economy made up of eight cardinals and bishops, as well as eight laymen.

Sources: le figaro / vatican radio / / FSSPX.News - 05/26/17