The Vatican’s financial watchdog recorded 78 suspicious activity reports in 2025, according to its latest annual report, offering a fresh snapshot of the Holy See’s long effort to present itself as a more transparent and internationally credible financial jurisdiction. The report was issued by the Supervisory and Financial Information Authority, known by its Italian initials ASIF, and presented on April 30.

Of the 78 reports received, 73 concerned accounts at the Institute for the Works of Religion, the body commonly referred to as the Vatican Bank. Four came from various entities of the Holy See and Vatican City State, while one related to another unspecified organisation.

The overall figure is only slightly below the 79 suspicious activity reports registered the year before, though the comparison sits within a wider recent decline. ASIF’s report notes that 2024 had already marked a substantial fall from 123 cases in 2023, a drop of 36 per cent.

According to the report, one transaction worth about €522,000 was suspended as a precaution because of possible illegality, although no further detail was given on the timing or intended destination of the funds. ASIF also referred 16 reports to the Office of the Promoter of Justice in 2025, up from 11 the previous year, suggesting that financial intelligence continues to play a significant role in subsequent investigations.

The Vatican presented the findings as evidence of a strengthening compliance regime rather than of systemic deterioration. The report says oversight of money laundering and terrorist financing has become more robust, with closer cooperation both inside the Vatican and with international partners. It also points to stronger ties with counterpart agencies abroad and continuing engagement with Moneyval, the Council of Europe body that evaluates anti-money-laundering systems.

Internally, ASIF said communication with Vatican counterparts rose markedly during the year, with incoming domestic exchanges up 65 per cent and outgoing communications up 31 per cent. The report interprets that as a sign of a more integrated system linking the Holy See’s various financial and judicial bodies.

The numbers also reflect a fall in cash-related reporting, which the report associates with lower financial flows through Vatican City State. Those flows fell from €27.9 million in 2024 to €18.8 million in 2025, and the same tendency was said to appear in declarations relating to cross-border cash transport.

The wider significance of the report lies in the Vatican’s continuing attempt to reassure both Catholics and international regulators that the era of opaque financial governance is receding. ASIF itself was established by Pope Benedict XVI in 2010 as part of that reform effort, and its latest figures are plainly being presented as proof that scrutiny has become more regular, better coordinated and more consistent with international expectations.