The European Commission’s ad hoc expert committee to evaluate anti-money laundering measures made a positive assessment of the Vatican; formulating regulations, monitoring and financial information, and the agency’s domestic and international cooperation: these are the contents of the 2020 report published by the Vatican Financial Information Supervisory Authority .
(Vatican News Network) The Vatican Financial Information Supervisory Authority (ASIF) released its 2020 report on July 15, briefly describing the results of a detailed analysis of the economic activities of the relevant Vatican departments last year by the European Commission’s Ad Hoc Expert Committee on Anti-Money Laundering Measures (Moneyval). The report stated that an ad hoc committee of experts has made a positive assessment, placing the Holy See in the ranks of the most ethical jurisdictions in the areas of finance and anti-money laundering and economic aid terrorism.
The report also emphasizes the effective cooperation of the Holy See at the internal and international levels, and confirms with specific data that the Holy See and the relevant agencies of the Vatican City State have established a significant cooperative relationship in anti-crime activities. Through the two international cooperation protocols, the Vatican Financial Information Supervisory Authority, at the request of the Foreign Financial Intelligence Agency (UIF), exchanged information with 196 customers and sent notifications to 104 customers.
In addition, the use of cash is gradually reduced in the Vatican City State, “this is also due to the use of other fund transfer systems by the IOR) to ensure better security specifications and traceability.” Despite the epidemic, the work pace of the Financial Information Supervision Authority has not slowed down. After the Vatican started investigating and suspended the exchange of information on the Egmont Security Network in November 2019, it announced its re-entry into the international information network in January 2020.
Then, the new governing body took office in April of the same year, and the manpower was strengthened. At the end of the year, a new charter was passed. Pope Francis approved it with a certificate of authorization, and pointed out that the establishment of an office for “regulation and legal affairs” and “monitoring” was adopted. The office is more complete in terms of structure and organization. In addition, the Financial Information Supervisory Authority has also made a commitment based on the assessment of the ad hoc expert committee to play an important coordinating role in the investigation, because the Vatican delegation is personally led by the director of the Vatican Barbagallo (Carmelo Barbagallo).
The report mentioned that the ad hoc committee of experts made positive comments on the actual actions of the Vatican in preventing and combating money laundering and economic aid terrorism, saying that the plans implemented by the Holy See and the Vatican City State are serious and strict. Therefore, the ad hoc committee of experts decided to evaluate whether the actions recommended by the experts were met after 3 years, and to conduct new checks on the effectiveness of the implementation of these actions after 5 years.
In the report, the Financial Information Supervision Bureau pointed out that it needs to make active and important commitments in three areas, namely: formulating regulations, monitoring and financial information. In the first area, the 2013 law on preventing and combating money laundering and financial aid terrorism has been revised; in the area of monitoring, an action “guide” has been introduced, which can make judgments on the status and prospects of the monitored institutions, and where there are major deficiencies In case, the corrective measures taken can also be determined.
In addition, it is also important to nurture and support all institutions in the Holy See and the Vatican City State. The report explained that investment was made in the action plan for incubation activities, and the self-assessment process for these institutions was initiated through the questionnaire, and the results of the questionnaire were analyzed in detail, so as to have an overall view of the threats and vulnerabilities of departments and individuals. , As well as drafting “guidelines” to assist these institutions and conducting the first on-site inspection.
Finally, in the field of financial information, in this regard, “the ratio of reports sent to the prosecutor’s office to reports received is increasing.” This relationship shows that making “absolute transparency in the activities of the Vatican City State institutions” is the path that is determined to follow, as Pope Francis reminded him when he opened the 92nd Judicial Year. A good and exemplary implementation plan “is a practical principle that the Catholic Church must follow.”
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