April 28, 2018
VATICAN CITY (Reuters) – Financial reforms in the Vatican designed to end decades of scandals are now well rooted, with the number of suspicious activity reports and freezing of funds falling significantly, a report showed on Friday.
The annual report by the Vatican’s independent Financial Information Authority (AIF) says the regulator is now able to turn more of its attention to vetting the transparency and accountability of donations made by outsiders for institutional and charitable purposes.
“The domestic regulatory framework is comprehensive and in line with the relevant international standards,” said the report. “A robust Anti-Money Laundering and Countering of the Financing of Terrorism (AML/CFT) system is in place.”
The regulator made a two-month on-site inspection of the Vatican bank, officially known as the Institute for Works of Religion (IOR), on management of assets with charitable purposes. No significant shortcomings were found, it said.
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