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    » 05/19/2014, 00.00

    VATICAN

    Vatican “significantly stregthens” measures against money laundering and financial crimes



    Financial Intelligence Authority presents annual report. "Notable uptake in suspicious transaction reports (STR) from 6 in 2012 to 202 in 2013". In the first quarter of 2014, the AIF has conducted the first routine inspection in situ of the Institute for Works of Religion ( IOR) .

    Vatican City ( AsiaNews) - In 2013 there "has seen a significant strengthening of the legal and institutional framework of the Holy See and Vatican City State to effectively combat financial crime, an institutionalization of international collaboration of the competent authority of the Holy See with its foreign counterparts, and a massively improved performance in monitoring potential financial wrongdoing ."

    The was stated today by the Director Autorità di Informazione Finanziaria (AIF) of the Holy See , René Brülhart , who presented the Authority's annual report on the activities and supervision of financial information for the prevention and combating of money laundering and the financing of terrorism (Year II , 2013) . " The Evaluation conducted by Moneyval, the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism of the Council of Europe, in December 2013, and our statistics allow us to say that today we have a proper and equivalent system in place to prevent and fight financial crime. A system that is well in line with international standards".

    As evidence of the "significant strengthening" , the AIF  indicates " a notable uptake in suspicious transaction reports (STR) from 6 in 2012 to 202 in 2013. 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 ".

    "The number of requests from AIF submitted to foreign authorities has increased from 1 in 2012 to 28; the number of requests received by the AIF from foreign authorities has climbed from 3 in 2012 to 53 in 2013. "This increase is also due to international cooperation fostered by a series of bilateral agreements we have concluded," said Brülhart. In 2013, AIF became a member of the Egmont Group, the global network of Financial Intelligence Units, and signed various bilateral agreements to institutionalize mutual collaboration in the area of anti-money laundering and combating financing of terrorism. Memoranda of Understanding have been signed with Germany, Italy, the Netherlands, Slovenia and the United States.

    It also highlights the fact that "the number of declarations of cash above the amount of EUR 10,000 has decreased again in 2013 to 1,557 declarations for outgoing cash (2012: 1,782) and 550 declarations for incoming cash (2012: 598). This is due to an increased monitoring by the competent authorities and the introduction of reinforced procedures at the supervised entities".

    In the initial trimester of 2014, AIF conducted the first ordinary on-site inspection of the IOR to verify the implementation of the measures taken to prevent and counter money laundering and the financing of terrorism pursuant to the Law XVIII of 8 October 2013.

    The inspection has shown substantial progress made by the IOR over the past 12 months. As a result of the inspection, AIF has developed an action plan for the full adaption of procedures to the requirements of Law XVIII and the implementation of further organizational and procedural improvements".

     

     

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    See also

    22/05/2013 VATICAN
    Vatican continues fight against money laundering
    The Vatican Financial Information Authority (AIF) releases its first annual report, showing that the "system is consistently improving". The AIF received six suspicious activity reports last year, up from one the previous year. International cooperation is improving. This year, Moneyval recommendations are set to be implemented.

    16/02/2012 NEPAL
    Nepal risks ruin because of Maoist opposition to international financial rules
    The ruling party blocks proposed rules on money-laundering and terrorism that are binding on UN member states in order to prevent Maoist leaders from going on trial. The country could be blacklisted, unable to sell government bonds or attract foreign investment.

    30/12/2010 VATICAN
    Pope: new laws for transparency, honesty and accountability in financial matters
    Benedict XVI enacts norms by which all institutions connected with the government of the Catholic Church and the State of Vatican City, are inserted, in a spirit of sincere collaboration, within a system of principles and legal instruments that the international community is building to fight illegal activities such as money-laundering and terrorist financing.

    18/07/2012 VATICAN
    Vatican gains European “approval” for anti-money laundering measures
    The Moneyval report positive mainly on anti-money laundering measures and calls for strengthening of supervisory measures. Msgr. Balestrero: "For the Holy See, this process is first and foremost a moral rather than a technical commitment." It is “a definitive step to lay the foundations to a structure". " Now it is our wish to fully construct a building that effectively shows the Holy See’s and Vatican City State’s desire to be a reliable partner in the international community "

    16/12/2014 CHINA
    China loses US$ 1.25 trillion to tax evasion and corruption
    According to a report by Global Financial Integrity, illicit outflows from the mainland grew exponentially over a ten-year period. Tax evasion and corruption are the main reason. This makes China the biggest loser among 151 developing nations.



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