AIF Director: Holy See on the right track

(Vatican Radio) Following the presentation on Monday of MONEYVAL’s Progress Report on the Holy See’s financial reform efforts, Vatican Radio’s Mario Galgano spoke with René Bruelhart, the director of the Vatican’s Financial Information Authority (AIF). Mr Brülhart said the adoption of the Progress Report “is a clear indication that the international community takes note of the progress the Vatican has made, and confirms that the Holy See is on the right track.”

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Below, please find the complete text of Mario Galgano’s interview with AIF Director René Brülhart:

MONEYVAL has presented the second report about money laundering Can you just say if the Vatican is ok or not?

Today the progress report of the Holy See has been fully adopted by the MONEYVAL Plenary, so this is a clear indication that the international community takes note of the progress the Vatican has made, and confirms that the Holy See is on the right track.

Can you say if there are some concrete facts that MONEYVAL has underlined about, for example, what you have to do better?

Well there’s always room for improvement, but as you will see, MONEYVAL is, most probably on Thursday, going to publish this progress report in great detail. The work which has been done by the Holy See will be elaborated on. Just to stress one or two issues . . . on the side of the supervisory work, we will take additional measures where there is definitely some kind of room for improvement. But then also the whole implementation process of the legal framework, and the institutional framework, which has been introduced over the last weeks and months. I think this is going to be one additional key focus which we will not only consider but which we will take care of in a very, very active manner.

And has MONEYVAL spoken about the Vatican Bank, the IOR?

Well, whether the Ior is a bank is a different question. But the process of MONEYVAL never looks into single financial institutions. It looks much more into the functionality of the legal framework to fight money laundering and terrorism financing and if this kind of system works effectively. However, on a side phrase, it has been noted that the progress of the work the IOR is currently carrying out, note has been taken in a very positive way.

So what are the next steps for the AIF where you work?

We have received a new statute by the Motu Proprio of November 15 of Pope Francis which clearly establishes two key functions. One is a financial intelligence unit, and the other one is a supervisory authority, including prudential supervision. Believe me, trust me, there is work in front of us with the whole implementation, not only of this new structure, but even more of the work to fight, in proactive manner, potential financial crimes within the Vatican.