ASIF: Financial supervision and transparency in support of Holy See’s mission

Vatican News

The 2025 Annual Report of the Vatican Supervisory and Financial Information Authority (ASIF), published on Thursday, April 30, confirms the robustness of the supervisory system of the Holy See and the Vatican City State in preventing and combating money laundering and the financing of terrorism.

This is ensured through qualified and continuous oversight, alongside careful monitoring of the stability and sustainability of the Institute for the Works of Religion.

The document also highlights strengthened relations with counterparties and key international bodies. This is a significant signal in an increasingly complex global context, where dialogue, transparency, mutual trust, and professional expertise are essential for effective institutional action.

Strengthening of analysis activities and cooperation between authorities

In 2025, ASIF received 78 suspicious activity reports (SARs), in line with system developments and expectations following the stabilization phase recorded in 2024.

This also reflects the implementation of measures required of the main reporting entity after a targeted inspection conducted in 2024, as well as activities linked to extraordinary events affecting the Catholic Church and the Holy See in 2025.

Compared to the previous year, there was also a lower incidence of reports related to the use of cash, likely due to a decrease in the volume of flows passing through the State, as also reflected in statistics on cross-border cash transport declarations.

The quality of the reports ASIF received remains stable, as shown by the number of communications and reports shared with counterparties, as well as by the preventive measures adopted. Financial intelligence continues to play a crucial role in the development of subsequent investigative activities.

During the year, 16 reports were submitted to the Office of the Promoter of Justice, a number in line with previous years and that shows a continued ongoing relation between financial analysis and referrals to judicial authorities. At the same time, three transactions or operations were suspended, for a total value of approximately €522,000.

On the domestic front, a particularly important point is the strengthening of the cooperation between the Authorities of the Holy See and the Vatican City State.

The flow of communications with key domestic counterparties increased significantly compared to the previous year: +65% inbound and +31% outbound. This reflects an increasingly integrated and cohesive system.

The Report also underlines close and ongoing cooperation with the Gendarmerie (the Vatican’s police force), which remains a central counterpart in ASIF’s activities.

On the international front, the Report notes 35 exchanges of information between ASIF and its foreign counterparts, confirming the growing intensity of operational relations with foreign Financial Intelligence Units.

In particular, the increase in incoming communications is highlighted, underscoring the operational relevance of ASIF’s efforts to strengthen its international network over the year.

Supervision in support of the Holy See’s mission

ASIF’s supervisory activities—both as the central authority for prudential supervision and for the prevention and combating of money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction—primarily aim to ensure the transparency, robustness, and reliability of the financial sector, essential to the mission of the Holy See.

During the year, particular attention was given to international fund transfers to geographic regions in particular need of the Catholic Church’s humanitarian and missionary efforts, which are at times characterized by fragile financial systems.

In this context, a targeted inspection was also carried out at the Institute for the Works of Religion to assess the safeguards and measures in place to mitigate risks, while ensuring continued legitimate support for local communities.

In 2025, on the prudential side, ASIF continued to act to strengthen standards of sound and prudent management at the Institute for the Works of Religion and to monitor its services to users, as part of a path toward better and more efficient integration with the international financial system.

International cooperation grows

At the international level, the Report identifies the strengthening of the cooperation network as one of the most significant signs of the system’s evolution.

In a scenario where financial risks consistently cross national borders, the multilateral dimension becomes an essential condition for effective action, rather than merely an area of development.

In this context, 2025 marks a structured intensification of relations with foreign supervisory and financial intelligence counterparts.

Meetings and working groups have fostered convergence on operational standards and best practices, helping to consolidate an increasingly solid and functional network of bilateral relationships among peer institutions.

Particularly noteworthy in this regard was the roundtable with the Financial Intelligence Authority of the Republic of San Marino, which provided a focused opportunity for discussion on specialized issues of supervision and financial intelligence.

This step comes at a strategic time, marked by the upcoming evaluation cycle of the Council of Europe’s Moneyval Committee and the evolution of international technical standards defined by the Financial Action Task Force and the Egmont Group.