Vatican reports one-third drop in suspicious financial activity

The Vatican's Supervisory and Financial Information Authority reported a significant decrease in suspicious financial activity reports in 2024, with only 79 filed compared to 123 in 2023, marking a 36% reduction. This decline is attributed to improved processes rather than diminished vigilance, as highlighted by the authority's president, Carmelo Barbagallo. Despite the lower number of reports, the same number—11—were forwarded to the Vatican prosecutor's office for potential prosecution, suggesting enhanced identification of critical cases. The report also noted that two bank accounts totaling 2.12 million euros were frozen and three transactions worth just over 1 million euros were suspended. The Vatican has been under scrutiny for past financial scandals, but reforms initiated by Popes Benedict and Francis have led to improved compliance with international standards. The European financial watchdog Moneyval praised the Vatican's progress in its oversight of financial operations.