The Vatican’s financial supervisory body recorded an increase in reports of suspicious activities in 2025, according to the latest annual report from the Financial Supervisory and Information Authority (ASIF), published on April 30.
The document tallies 78 reports of suspicious activities during 2025, compared to the 43 finally recorded in 2024 after a downward revision. The majority—73—came from the Institute for the Works of Religion (IOR), the only financial entity under the direct supervision of the body.
More controls and greater flow of notifications
The ASIF attributes the increase to improvements in the IOR’s internal procedures following a specific inspection conducted in 2024, as well as to the impact of the extraordinary events experienced by the Church in 2025, including the Jubilee Year and the papal transition.
According to the report, the volume of notifications is «in line with expectations» and with the system’s evolution following the stabilization phase of the previous year. Additionally, there is a lower incidence of operations related to cash use, in parallel with the reduction in financial flows passing through Vatican City State.
In terms of quality, the body emphasizes that standards remain stable. In 2025, 16 reports were forwarded to the Office of the Promoter of Justice, consolidating the proportion of cases that lead to judicial investigation.
Suspended operations and system control
The report records three operations suspended during the year with a total value of 522,000 euros, compared to the two recorded in 2024. These measures are part of the preventive system that the ASIF presents as the central axis of its activity.
In parallel, 196 cash entry declarations worth 13.6 million euros and 328 outflows for 5.1 million were recorded, as part of cross-border movement controls.
Strengthening international cooperation
One of the most highlighted aspects of the report is the increase in international cooperation. In 2025, there were 35 exchanges of information with foreign financial units, in a context where the global dimension of financial risks demands increasingly close coordination.
The document also notes a significant increase in communications with internal Vatican bodies, with a 65% growth in incoming and 31% in outgoing, reflecting a more integrated system among the various authorities.
The ASIF also highlights the strengthening of relations with international bodies and preparation for the next evaluation cycle of the Moneyval committee of the Council of Europe, key in the supervision of financial standards.
Transparency and institutional mission
From Vatican News, the official reading of the report emphasizes the «solidity» of the financial supervisory system and its contribution to transparency, reliability, and sustainability of the Holy See’s economic sector.
The body insists that its work not only responds to technical criteria but is linked to the Church’s mission, especially in supporting international transfers to areas where humanitarian and missionary action is essential, often in fragile financial contexts.
The context: reforms and tensions in the IOR
The Pillar underscores that the report’s publication coincided with Jean-Baptiste de Franssu’s departure as IOR president after twelve years in the role. In an interview with Le Pèlerin, the former executive described the institution’s state upon his arrival in 2014 as marked by a serious lack of professionalism and internal resistance to reform.
During his tenure, the IOR underwent a profound restructuring after decades of financial scandals. De Franssu recalled key episodes such as his refusal in 2019 to authorize a 150 million euro loan to the Secretariat of State in the London property case, a decision that ultimately triggered one of the most significant investigations in recent years.
A system still under scrutiny
The increase in reports does not necessarily imply a deterioration of the system but does confirm that Vatican finances remain under close scrutiny. While the Holy See presents the data as the result of more effective controls, recent experience shows that financial transparency remains a sensitive and evolving area within the Vatican.