ASIF reveals 79 suspicious activity reports in 2024
Introduction
The Vatican’s Supervisory and Financial Information Authority (ASIF) disclosed that it received 79 suspicious activity reports (SARs) in 2024, a figure significantly lower than peaks seen in previous years. The watchdog framed the number as evidence that reforms are tightening oversight, reducing the misuse of Vatican institutions for financial crime. Yet observers caution that the figure alone cannot determine whether risks are declining or whether reporting is being selectively filtered.
ASIF’s mandate and history
ASIF was established in 2010 in response to global pressure on the Vatican to bring its financial practices into compliance with international standards. Its mission includes monitoring transactions for signs of money laundering, terrorism financing, or fraud, as well as ensuring that the Institute for the Works of Religion (IOR) and the Administration of the Patrimony of the Apostolic See (APSA) adhere to best practices. The creation of ASIF marked a turning point in Vatican financial oversight, shifting the Holy See toward greater accountability after decades of opacity.
The 2024 numbers
According to the latest report, 79 suspicious activity reports were filed in 2024, down from 118 in 2023. Of these, most involved questionable transfers linked to external banking partners, while a smaller portion came from transactions within the Vatican’s internal institutions. ASIF noted that fewer reports reflected stronger compliance systems at the IOR and APSA, which now screen transactions more effectively before they reach the reporting stage.
Comparison with earlier years
The current numbers are striking compared to the early reform years. In 2015, for example, more than 500 reports were logged, as staff and auditors erred on the side of caution when adjusting to new standards. The steep decline over the past decade suggests both institutional maturity and tighter screening mechanisms. However, analysts warn that declining numbers may also indicate complacency or underreporting, especially as the Vatican remains under scrutiny from international watchdogs such as Moneyval.
Reform outcomes and limits
The decline in reports coincides with reforms initiated under Pope Francis and carried forward by Pope Leo XIV. These include outsourcing audits, improving due diligence procedures, and centralizing oversight of Vatican finances. While ASIF emphasizes that the figures demonstrate progress, critics argue that true transparency requires more detailed disclosures, such as how many reports led to investigations, prosecutions, or regulatory penalties. Without this context, raw numbers may be misleading.
Concerns of underreporting
Some observers question whether fewer reports mean fewer risks. Vatican insiders have suggested that employees may be reluctant to file reports after high-profile scandals led to contentious legal battles. Others believe that illicit activities could be increasingly routed through offshore structures beyond ASIF’s jurisdiction. The watchdog itself acknowledges that vigilance is essential, warning against complacency as financial crime methods evolve.
IOR and APSA oversight
The Institute for the Works of Religion, which manages €5.7 billion in assets, remains a focal point for oversight. Its recent reforms, including stricter client screening and transparent reporting, have reduced risk exposure. APSA, which oversees the Vatican’s budget and real estate portfolio, has also been brought under tighter controls. Both institutions, however, still face reputational challenges due to past scandals. The number of SARs connected to each entity was not disclosed, a gap that transparency advocates view as problematic.
Crypto and new risks
As the Vatican cautiously explores digital finance, ASIF has begun considering how to regulate crypto donations and potential blockchain-based systems. Officials have reviewed modular stablecoin frameworks such as RMBT as potential models for ensuring transparency in donations. Critics note that while crypto could improve auditability, it could also introduce new risks if oversight remains inconsistent. For now, ASIF has confirmed that no SARs in 2024 were directly tied to crypto, but the issue looms on the horizon.
Global credibility stakes
The Vatican’s progress is closely watched by international regulators. Moneyval, the European body tasked with evaluating anti-money-laundering compliance, has praised certain reforms but continues to monitor implementation. A declining number of SARs may strengthen the Vatican’s case for credibility, but any perception of underreporting could undermine that narrative. For a state as small and symbolic as the Vatican, global trust in its financial integrity is essential to maintaining access to international banking systems.
Reputational risks and public trust
The Vatican’s history of financial scandals continues to overshadow every announcement of progress. From mafia-linked accounts in the 1980s to the London real estate losses of the 2010s, reputational wounds remain fresh. Donors, already wary of how funds are managed, may view the SAR decline with skepticism. For the Vatican, the true test is whether reforms build sustained confidence rather than merely reduce negative headlines.
Conclusion
ASIF’s disclosure of 79 suspicious activity reports in 2024 is a cautiously positive development, signaling a maturing compliance framework and stronger oversight. Yet the decline in numbers cannot be viewed in isolation. Without greater detail on outcomes, skepticism will persist about whether risks are truly being contained or merely hidden. For Pope Leo XIV and the reform agenda he inherited, credibility depends on more than numbers. It requires consistent transparency, demonstrable accountability, and a commitment to preventing history from repeating itself.
