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New ASIF statute: A further step toward international standards
Pope Leo approves an organic reform of the Vatican Supervisory and Financial Information Authority (ASIF). The positions of President and Board will be replaced by a Management composed of a Director and Deputy Director, supported by Consultors.
Vatican News
Fifteen years after the beginning of its activities, Pope Leo XIV has approved and promulgated an organic reform of the Vatican Supervisory and Financial Information Authority (ASIF), through the adoption of a new Statute and its first Internal Regulations.
This measure is not an isolated initiative but rather the coherent outcome of a multi-year process through which the Holy See and the Vatican City State have progressively aligned themselves with international standards governing both the prevention and combating of money laundering, terrorist financing, and the proliferation of weapons of mass destruction, as well as prudential supervision.
A long-term commitment to international compliance
The reform is part of an international regulatory framework that continues to evolve.
Over time, the Financial Action Task Force (FATF/GAFI), the Egmont Group of Financial Intelligence Units, and the relevant legislation of the European Union have refined and strengthened the requirements applicable to authorities performing functions equivalent to those entrusted to ASIF within the Vatican legal system.
The new Statute fully incorporates these developments, with particular reference to both the Sixth Anti-Money Laundering Directive (AMLD VI)—which is soon to be transposed into the Vatican legal framework—and the Egmont Group Statute, adopted in November 2025.
This legislative update reflects the Holy See’s commitment to maintaining a constructive and continuous dialogue with the main international financial regulatory institutions, while honoring the commitments it has undertaken over the years toward the international community.
Operational autonomy and institutional accountability: A necessary balance
One of the central pillars of the reform is the further strengthening of ASIF’s autonomy and functional independence, a requirement explicitly prescribed by international standards for authorities carrying out supervisory and financial intelligence functions such as those entrusted to ASIF under Vatican law.
An authority lacking genuine independence cannot effectively perform its responsibilities or have the confidence of its international counterparts.
At the same time, the new Statute introduces a robust framework of external accountability: ASIF now reports directly to the Council for the Economy, in accordance with Article 210 of the Apostolic Constitution Praedicate Evangelium.
The Council not only receives the Authority’s annual report and approves its financial statements, but may also request periodic reports on ASIF’s activities.
This represents a deliberate balance between operational independence and institutional accountability to the Holy See’s economic governance body—two requirements that are not contradictory but complementary.
Governance: A structure proportionate to the mission
Consistent with the highly technical and specialized nature of ASIF’s responsibilities, and reflecting the strengthened accountability relationship with the Council for the Economy, the new Statute adopts a streamlined governance model.
The positions of President and Board are now replaced by a Management composed of a Director and a Deputy Director, assisted by Consultors, who are tasked with providing qualified expertise.
This structure is designed to enhance institutional responsiveness, clarify lines of responsibility, and facilitate more direct interaction with external supervisory bodies, while preserving the high technical quality of analysis and decision-making.
Internal offices: A structure reflecting ASIF’s functions
The Authority’s internal Offices—operationally autonomous and independent—are organized to reflect its three principal functional areas, which are supervision and regulation concerning the prevention and combating of money laundering, terrorist financing, and the proliferation of weapons of mass destruction; financial intelligence; and prudential supervision and regulation.
The newly established cross-functional position of the Head of Legal Affairs further strengthens the legal coherence of the Authority’s overall activities.
Broader protection for IOR users
Concerning user protection, the new Statute expands ASIF’s arbitration jurisdiction over disputes between users and the Institute for the Works of Religion (IOR).
Previously limited to payment systems, this jurisdiction now extends to the full range of financial services provided by the IOR, thereby ensuring greater consistency within the system and more effective protection for users.
Taken together, the innovations introduced by the new Statute and the first Internal Regulations of ASIF do not represent a finish line, but rather another milestone in the Holy See’s ongoing commitment to building financial institutions that are robust, transparent, and fully integrated into the international system for preventing financial crime and managing financial risks.
This is a path that demands technical rigor, institutional commitment, and a willingness to meet continually evolving international standards.
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