Vatican’s Watchdog Detects Rise in Suspect Transactions

By Giulia Segreti
Financial Times
May 15, 2014

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The Vatican’s financial watchdog reported a sharp rise in suspect money transactions in 2013, indicating that internal monitoring and the application of anti-money laundering regulation is improving, as pressure over compliance with international standards remains high.

In its second annual report, the Financial Information Authority (FIA) recorded 202 suspicious transactions, up from six in 2012. Five of these reports have been passed on to Vatican prosecutors for further judicial investigations.

Rene Brulhart, director of the FIA, ruled out that the surge was due to a “rise in abusive activities” but explained that “it means that the reporting system starts to work and there is much more awareness.”

“Decisive intervention, which has strengthened the legal and institutional framework of the Holy See, confirms the firm intention by the Vatican to effectively?.?.?.?combat financial crime,’’ reads the annual report published on Monday.