Holy See - Vatican City 2016 report on financial
compliance
(Vatican Radio) The Press Office of the Holy See has
released a statement regarding the briefing scheduled this morning for the
presentation of the annual report of the Financial Information Authority (Autorità
di Informazione Finanziaria - AIF) on the 2016 activities of the Holy
See's financial organizations in compliance and cooperation with international
oversight and law-enforcement organisations tasked with preventing
money-laundering and combatting terrorism. Below, please find the
full text of the official communiqué, in English...
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AIF press release | Annual Report 2016 | Fostering
international cooperation and further strengthening of the regulatory
framework
The Autorità di Informazione Finanziaria (AIF) of the Holy
See and the Vatican City State has presented its Annual Report for 2016. The
report reviews the activities and statistics of AIF for the year 2016.
A significant fostering of international cooperation
of the Vatican competent authority with its foreign counterparts to fight
illicit financial activities, a consolidation of the reporting system as well
as a further strengthening of the regulatory framework have been some of the
key achievements in 2016.
“International cooperation is a precondition to fight
financial crimes and the Vatican is fully committed to it.” said René Brülhart,
President of AIF. “In 2016, AIF has seen a significant increase of bilateral
cooperation with competent authorities of other jurisdictions and will continue
to be an active partner to combat illicit financial activities globally.”
“The number of suspicious activity reports (SARs) by
different reporting subjects decreased in comparison to 2015 (207 in 2016, 544
in 2015). But the number of SARs was still higher than in previous years,
indicating an ever-increasing and effective implementation of reporting
requirements by supervised entities.”, said Tommaso Di Ruzza, Director of AIF.
“In parallel, SARs show an improvement in terms of quality with a positive impact
on the reports AIF disseminated to the Vatican Promoter of Justice, which are
leading to domestic prosecution, and on the international cooperation with
foreign FIUs, registering a notable development”. In 2016, 22 reports have been
submitted for further investigation by Vatican judicial Authorities. The number
of cases of bilateral cooperation between AIF and foreign FIUs has increased
from 81 in 2013, to 113 in 2014, to 380 in 2015 and 837 in 2016.
Furthermore, the transitional period to implement the
requirements established by the
prudential regulatory framework expired in 2016 and the
domestic system – based on Title III of Law n. XVIII dated 8th October 2013 and
AIF Regulation on “Prudential supervision of entities carrying out financial
activities on a professional basis” n. 1 dated 13th January 2015 –, has been
further strengthened with the issuance of new Circulars on accounting standards
and statistical reporting requirements.
About AIF
The Financial Information Authority is the competent authority
of the Holy See and Vatican City State for supervision and financial
intelligence for the prevention and countering of money laundering and
financing of terrorism as well as prudential supervision.
Established by Pope Benedict XVI with the Apostolic Letter
in form of Motu Proprio of 30 December 2010, AIF carries out its institutional
activities in accordance with its new Statute introduced by Pope Francis with
Motu Proprio of 15 November 2013 and Law No. XVIII of 8
October 2013.
In 2016, AIF signed MOUs with supervisory Authorities and
FIUs of Austria, Brazil, Canada, Italy, Panama, Poland and Russia. In previous
years, AIF had already signed MOUs with Albania, Argentina, Australia, Belgium,
Cuba, Cyprus, France, Germany, Hungary, Italy, Liechtenstein, Luxembourg,
Malta, Monaco, the Netherlands, Norway, Paraguay, Peru, Poland, Romania, San
Marino Slovenia, Spain, Switzerland, United Kingdom and the United States of
America.
AIF has been a member of the Egmont Group since 2013.
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