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Mémoire
Bachelor thesis

Impact of the Vatican's new financial regulations on money laundering and terrorism financing

    2017

63 p.

Mémoire de bachelor: Haute école de gestion de Genève, 2017

Blanchiment de l'argent
Terrorisme
Finances
Banques - Réglementation
Vatican
English The smallest country of the world, the Vatican City State, holds on its territory a financial institute called the IOR. It is not a bank stricto sensu as it does not offer conventional banking services but acts as the financial arm of the Holy See. Since at least the scandal of the Banco Ambrosiano in 1982, the IOR has been regularly in the newspapers due to insufficient corporate governance. Until 2010, the Vatican did not have any anti-money laundering and counter terrorism law but hopefully, transparency and integrity in the financial sector are now priorities for the Catholic Church. Pope Benedict XVI started and Pope Francis continues now the modernization process of the Holy See, and to support this change, more lay experts are being brought in, even if it disturbs some persons to give key positions to non-religious people. The creation of committees, commissions and institutions managed and composed by laymen are examples of this change in the governing style of the Vatican. Moreover, since centuries Italians have always occupied key positions within the Holy See and more recently in the Vatican. The actual Pope is as well looking at internationalizing the Roman Curia to decrease the risks of nepotism and cronyism. Importantly, the legal and regulatory frameworks in the Vatican are getting more adapted to the actual financial threats. Furthermore, the regulations are respected and accurately applied by the staff, which gives very good results for the new norms. At the international level, the Holy See applies the FATF standards, and through the Financial Information Authority (AIF), is being part of Egmont Group and participates to Moneyval in order to exchange expertise and good practices in the domain of the combat against money laundering and terrorism financing. In 2012, Moneyval, who supervises the proper implementation of the international and FATF standards, has reviewed the Holy See and it was compliant with most of their recommendations. According to Moneyval, the work has been efficiently done over a short period of time and by now the recommendations have all been implemented. The Institute for the Works of the Religion (IOR) and more generally the financial operations of the Vatican are now complying with the highest international standards. Accountability and transparency are now the new key words in the Catholic Church.
Language
  • French
Classification
Economics
Notes
  • Haute école de gestion Genève
  • International Business Management
  • hesso:hegge
License
License undefined
Identifiers
  • RERO DOC 306002
  • RERO R008735996
Persistent URL
https://sonar.ch/hesso/documents/314640
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