Vatican's Financial Vigilance Yields Fewer Suspicious Activity Reports

A report revealed a significant drop in suspicious financial activity within the Vatican in 2024, reflecting improved measures against money laundering. The Financial Supervision and Information Authority noted a third fewer reports than the previous year, while the European watchdog Moneyval commended the Vatican's enhanced compliance practices.

The Vatican has witnessed a decrease in reports of suspicious financial activity, according to an internal watchdog's report published on Wednesday. Despite a reduction by a third, 79 reports were filed, leading to the freezing of two bank accounts worth 2.12 million euros.

Historically mired by corruption and mismanagement scandals, the Vatican Bank is under the scrutiny of the Financial Supervision and Information Authority. The reduction in 2024 is seen as a positive stride toward effective management, indicating success in curbing money laundering.

Under Popes Benedict and Francis, significant reforms facilitated improved compliance, earning praise from the European financial watchdog Moneyval. A landmark prosecution involves Cardinal Angelo Becciu, reflecting the Vatican's commitment to holding officials accountable to the highest standards of financial conduct.

(With inputs from agencies.)