Click here to advertise on CatholicCulture.org

Vatican’s Financial Information Authority issues report, cites strides toward transparency

Catholic World News - May 22, 2013

The Vatican’s Financial Information Authority (FIA) has released its first annual report, documenting the effort to tighten controls on financial transactions and to guard against money-laundering.

During 2012 the FIA uncovered 6 suspicious financial transactions by Vatican officials or agencies. Two of those cases were forwarded to Vatican prosecutors for further investigation, and the other four may still warrant more formal probes, the FIA said.

“The statistics and trends from 2012 are encouraging and indicate that the system is consistently improving,” said Rene Brülhart, the director of the FIA. He pointed to cooperation with Vatican police and Italian forces, thorough screening of financial transfers, and the signing of cooperative agreements with European countries to govern banking and financial transactions.

The FIA was established in 2010 to tighten controls on Vatican financial transactions, in response to complaints that the Vatican—and especially the Vatican bank, the Institute for Religious Works—could be vulnerable to exploitation by money-laundering operations. Led by Brülhart, Vatican officials are working to ensure compliance with European standards for banking and financial transparency.

As he presented the FIA report, Brülhart reminded journalists that the IOR is not an ordinary bank. Of the six questionable transfers flagged by the FIA for investigation in 2012, only one involved the IOR. “The IOR is not a commercial bank, and the Vatican is not a tax haven,” said Brülhart. “The Holy See is a reliable partner in the international fight against money laundering.”

Additional sources for this story
Some links will take you to other sites, in a new window.

An appeal from our founder, Dr. Jeffrey Mirus:

Dear reader: If you found the information on this page helpful in your pursuit of a better Catholic life, please support our work with a donation. Your donation will help us reach seven million Truth-seeking readers worldwide this year. Thank you!

Progress toward our September expenses ($13,488 to go):
$35,000.00 $21,511.73
39% 61%
Sound Off! CatholicCulture.org supporters weigh in.

All comments are moderated. To lighten our editing burden, only current donors are allowed to Sound Off. If you are a donor, log in to see the comment form; otherwise please support our work, and Sound Off!

There are no comments yet for this item.

Subscribe for free
Shop Amazon
Click here to advertise on CatholicCulture.org

Recent Catholic Commentary

Eucharistic Adoration, a Sure Sign of Catholic Renewal 14 hours ago
The Mystery of Music, Part II 19 hours ago
Our Spiritual Destiny and the Horror of War September 19
The Islamic roots of terrorism must be addressed September 19
Each of us is destined to marry Jesus Christ September 18

Top Catholic News

Most Important Stories of the Last 30 Days
Cardinals criticize Kasper proposal, escalating debate on remarriage/Communion CWN - September 18