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Suspicious transactions soar at Vatican Financial Authority

Director attributes rise from six to 202 to improved scrutiny

Suspicious transactions soar at Vatican Financial Authority

Picture: Vatican Insider/La Stampa

Iacopo Scaramuzzi for Vatican Insider/La Stampa
Vatican City

May 22, 2014

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The 2013 Vatican Financial Information Authority (AIF) report shows an increased number of suspicious financial transactions, a decrease in the number of cross-border cash declarations, progress made in the fight against money laundering and the financing of terrorism.

The AIF’s director, René Brülhart, presented the annual report (the second one since the AIF’s establishment) at a press conference today. Brülhart said the AIF has concluded its inspection of the IOR (often referred to as the Vatican bank) and the coordination with the newly created Secretariat of the Economy, which Pope Francis has put Australian Cardinal George Pell in charge of, is underway.

In answer to the internal conflicts within the IOR in recent months, the Swiss expert assured that the IOR’s system of governance was fully functioning.

“The AIF has recorded a notable uptake in suspicious transaction reports (STR) from six in 2012 to 202 in 2013,” a summary statement given by Brülhart reads. “This increase reflects both the development of the legal framework and a substantial improvement in the operational performance of the supervised entities with regard to the prevention of financial crime. Five reports have been passed on to the Vatican Promoter of Justice for further investigation by judicial authorities.” 

Full Story: Vatican Financial Authority boosts checks after suspicious transactions soar from 6 to 202

Source: Vatican Insider/La Stampa

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