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​More supervision and cooperation

· ​The 2014 report of the Autorità di Informazione Finanziaria ·

The “supervisory framework and international cooperation system further strengthened”. This is the latest from the 2014 annual report presented by the Autorità di informazione finanziaria (AIF) of the Holy See and Vatican City State. The information was presented by President René Brülhart and by Director Tommaso Di Ruzza in a briefing held in the Holy See Press Office on Friday, 29 May. The report “reviews the activities and statistics” concerning the “supervision and financial intelligence for the prevention and countering of money-laundering and financing of terrorism”.

The year 2014 has seen “a continuous strengthening of the legal and institutional framework of the Holy See and the Vatican City State to regulate supervised entities, fostering international cooperation of the Vatican competent authority with its foreign counterparts and to consolidate the prevention and countering of potential illicit financial activities”.

“With the introduction of Regulation No. 1, we have completed the prudential supervisory framework of the Holy See and Vatican City State,” said René Brülhart. “By signing Memoranda of Understandings (MOUs) with other Financial Intelligence Units of 13 countries, including Australia, France and the UK as well as with the Regulators of Germany, Luxembourg and the United States of America, we have also massively strengthened international cooperation.”

Furthermore, the “reporting system has been consolidated after having received 6 suspicious transaction reports (STR) in 2012, 202 in 2013 and 147 in 2014”. “Such development is a consequence both of the full implementation of the legal framework and of the substantial improvement in the operational performance of the supervised entities with regard to the prevention of financial crime. 7 reports have been passed on to the Vatican Promoter of Justice for further investigation by judicial authorities”.

The number of cases of bilateral cooperation between AIF and foreign competent authorities has increased from 4 in 2012 to 81 in 2013 and 113 in 2014. “This continuous increase is a result of the systematic efforts undertaken by AIF as well as the strong commitment of the Holy See and the Vatican City State to cooperate actively with other jurisdictions to prevent and combat potential illicit financial activities globally,” said Tommaso Di Ruzza, Director of AIF.

“Since 2012, the number of declarations of outgoing cash above the amount of EUR 10,000 has steadily decreased from 1,782 (2012) to 1,557 (2013) and 1,111 in 2014. Declarations for incoming cash have also decreased from 598 (2012) to 550 (2013) and 429 in 2014. This is due to an increased monitoring by the competent authorities and the introduction of reinforced procedures at the supervised entities”.

In the first “trimester of 2014, AIF conducted the first ordinary on-site inspection of the IOR to verify the implementation of the measures taken to prevent and counter money laundering and the financing of terrorism pursuant to Law No. XVIII of 8 October 2013”. Tommaso Di Ruzza explained that “The first on-site inspection of the IOR is an important consequence and a concrete sign of the effectiveness of the AML/CFT system adopted by the Holy See and the Vatican City State”. “To follow closely the implementation of and compliance with the new prudential regulatory framework by the supervised entities will be one of the key tasks of AIF in the near future”. 

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