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ASIF continues on the path to financial transparency
The Vatican’s Financial Supervision and Information Authority publishes its annual report, showing increasing alignment with international standards for combating money laundering and terrorist financing.
By Salvatore Cernuzio
The Vatican’s Financial Information and Supervision Authority (known by its Italian initials as ASIF) on Monday released its annual report for 2023.
The document recorded 123 reports of suspicious activities, 118 of which came from the Institute for Works of Religion (IOR), commonly known as the Vatican Bank. There was a decrease in the number of suspended operations (only one case; in 2022 there were five) and also in the number of reports sent to the Public Prosecutor’s Office (11, compared to 19 two years ago) – a sign that the system has stabilized within security and transparency parameters.
Intense national and international cooperation
At the same time, internal cooperation with other competent authorities of the Holy See and the Vatican State, and international cooperation with participation in the Moneyval and Egmont forums, among others, were on the rise. The training experiences have been “intense”, with relationships and the exchange of best practices with the Bundesbank and the Bank of Italy proving particularly fruitful.
The number of memoranda of understanding also increased in 2023, which saw agreements signed in 2023 with a further nine countries: Algeria, Azerbaijan, Bahamas, Curaçao, Lebanon, Senegal, Mauritius, Nepal and Zambia.
ASIF thus continued to offer a contribution to the recovery of revenue from criminal activities, becoming a center for net revenue through the exchange of information also with its international counterparts.
Barbagallo: the year with the most conflicts
All this in a year, 2023, which – as the president of ASIF, Carmelo Barbagallo, highlights in his introductory letter to the report – “has actually distinguished itself as the year with the highest number of conflicts since the Second World War”. Barbagallo notes that “this situation contributes to making international relations increasingly complex and difficult”, while at the same time serving “as an incentive to fight against money laundering and the financing of terrorism at a global level”.
“Maintaining and developing a strong network of international relations continues to be a fundamental strategic objective of ASIF in serving the interests of the jurisdiction,” continued Barbagallo.
Barbagallo also emphasized that “fruitful international relations were accompanied by equally fruitful relations” within the Vatican with the Office of the Prosecutor, the Gendarmerie and the Office of the Auditor General, thanks to “intense collaboration; as well as multiple opportunities for discussion and knowledge with the Financial Security Committee, the State Secretariat, the Economy Secretariat (SpE) and the Governorate.
Schlitzer: Involvement in the international arena
In turn, the Director of ASIF, Giuseppe Schlitzer, in the introduction to the document, stated: “Engagement in the international arena continued to be a priority for the Authority, particularly with regard to Moneyval, the Committee of Experts on the Assessment of Anti -Money Laundering and Terrorist Financing Measures incardinated in the Council of Europe.”
He went on to describe the Authority’s “external outreach” to equivalent authorities in other jurisdictions as “significant,” while also noting the “assiduous” collaboration with the other competent Authorities of the Holy See and the Vatican City State.
Surveillance over the IOR
The report then delves into ASIF’s supervisory activity – in its two components of combating money laundering and terrorist financing and prudential – with regard to the IOR, the only entity within its jurisdiction that is authorized to carry out financial activities professionally .
Under the Memorandum of Understanding with SpE, ASIF monitored the procedures adopted by the IOR to comply with the requirements established by the 2015 Agreement with the United States for Tax Compliance and Implementation of the Foreign Account Tax Compliance Act (the so-called Agreement FATCA). The report explains that since 2020, the Supervisory Office has carried out three inspections of the IOR, including a “broad” prudential inspection, a follow-up inspection and a “targeted” inspection on AML/CFT.
Moneyval recommendations and European directives
Also “worthy of note” is the work to review Law XVIII of November 2023 on Transparency, Supervision and Financial Information, which became necessary to implement some recommendations from the Moneyval Mutual Assessment Report (April 2021) and to align some provisions with European directives, as agreed in the Joint Committee (body that oversees compliance with the Monetary Agreement with the EU).
Suspicious Activity Reports
As for specific activities, ASIF reports 123 “suspicious activity reports” (STRs) received in 2023, including 118 from the IOR, four from authorities of the Holy See and Vatican City State, and one from a non-profit organization (NPO ). numbers that are in line with those recorded in 2022. On the other hand, the reports sent to the Prosecutor of Justice seem to have decreased to just 11 – a number that, along with others, can be read as representing a stabilization of security and parameters of transparency.
Just one case of suspension of operations
The number of suspensions of operations and transactions also fell, with only one case (involving a “modest” value of 5,848 euros) that required the use of preventive measures under article 48 of Law no. This marked “a substantial decrease” in the number of cases that required preventive measures by ASIF compared to the previous two years: in 2021 there were 4 suspensions of operations and transactions and the blocking of a current account, for a total amount of 626,188 euros; in 2022 there were 5 suspensions of operations and transactions totaling 829,050 euros.
Nine memoranda of understanding signed
In the field of international cooperation, in 2023 ASIF sent 22 requests for information or spontaneous communications to its counterparts, receiving 10 of these communications in return.
As mentioned above, there has been substantial activity with regard to memoranda of understanding with foreign financial intelligence units (UIF), with all nine signed in 2023. In fourteen years of activity, ASIF has seen the number of memorandums signed increase from 67 for a total of 76.
Money transport
Finally, with regard to declarations for the cross-border transport of valuables, in 2023 ASIF recorded an increase in declarations received, with 165 declarations worth more than 15 million euros (15,462,762); and 361 declarations issued, with a total value of more than 5 million euros (5,201,311). The Authority highlighted that this follows a trend observed since 2019, explaining that the vast majority of the amounts declared are attributable to the activity of the Vatican Public Authorities.
Alignment with international standards
The activities described in the report thus show how the Authority continues to pursue the objectives for which it was created in 2010 by Benedict XVI, in particular: high-quality action to prevent and combat money laundering and terrorist financing, and to financial transparency. The positive results achieved demonstrate a consolidation of the Vatican’s alignment with the best international standards.
Read the full report here.
The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).
The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.
In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.
Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.
Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.
Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.
Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.
Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.
IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.
Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)
Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.
“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”
Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.
An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.
Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.
Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.
Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.
“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.
Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.
But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.
Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.
“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”
Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.
“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”
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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?
Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.
Jio Financial Services News
Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”
“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.
Jio Financial Stock Target Price
Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”
On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.
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