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Vatican's Financial Authority releases first annual report

2013-05-22

The director of the AIF (L'Autorita di Informazione Finanziara) said that in 2012, it found and denounced six suspicious activities. Only two of those, had to be investigated by Vatican prosecutors.

RENÉ BRÜLHART
Director AIF

"This is one of the reasons, we are here today  presenting this annual report. It's the first, but I'm sure this is not going to be the last one.  The idea is to begin a tradition and to follow it in the next years.”

The AIF began its activities back in April 2011 and its director René Brülhart, was appointed about a year ago.

RENÉ BRÜLHART
Director AIF

"There are always different ways to implement or set up from scratch an email system for anti-money-laundering or for combating financing of the terrorism system. One way is to make a copy paste of the international standards we have chosen, or the Holy See has chosen to understand the issue and to set up a tailored made system which clearly addresses the potential risks as such.”

Brülhart said they are working to implement the international standards of transparency, so that the Vatican's financial institutions can follow the criteria set by MONEYVAL. Precisely to be on the so called 'white list' of countries that fight against money laundering, the Vatican still has to address and solve six recommendations set out by the European Council.

The Vatican has 200 entities that can carry out financial activities. One of them is the IOR, also known as the Vatican Bank. But there are also foundations and institutions that fall under the financial activities of the Vatican.

So, out of the thousands of transactions carried out by those 200 entities, six of them were considered suspicious.

RENÉ BRÜLHART
Director AIF

"We are speaking of suspicions transactions reports, in 2011 we have 1 and 2012 we had six.”

The director says releasing this report is the first step towards financial transparency. Progress has been made but, there is still much to be done.


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