The Vatican Financial Intelligence Authority Authority (
Autorità di Informazione Finanziara [AIF]) today
issued its
Annual Report for 2012-- its first full year of operations. Reuters pointed out important aspects of today's announcements:
The head of the Vatican's Financial Intelligence Authority (FIA), presenting its first annual report, also said it would soon have stronger supervisory powers over the Vatican's scandal-plagued bank, the Institute for Works of Religion (IOR), dubbed the world's most secretive bank by Forbes magazine.
The Vatican is trying to meet international standards to combat the financing of terrorism, money laundering and tax evasion, but the European anti-money laundering committee, Moneyval, said in July that the IOR still had some way to go. The FIA is due to report back in December.
During 2012, AIF received 6 suspicious activities reports, and sought additional information on 3 of them. Two of the cases were referred to the Promoter of Justice, the Vatican's prosecutor. The Annual Report says: "Given the nature and small size of the economic and financial system of the Vatican City State, and the presence of a public regime that does not allow the presence of private operators, data show an effective system for reporting suspicious activities by the subjects obliged to do so." (See
prior related posting.)
