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US recognizes Vatican's financial regulations on client verification

According to the website of the US Internal Revenue Service, the Holy See and the Vatican City State have just been listed among the equivalent jurisdictions in terms of financial security and know-your-customer rules.

By Vatican News

The laws of the Vatican City State and the Holy See which have strengthened transparency and financial oversight in recent years continue to gain international recognition, including from the United States.

The Internal Revenue Service (IRS), the US government agency responsible for collecting federal taxes, published its recognition in recent days on its website.

The Vatican is now listed among the jurisdictions which have auditing rules for financial security that conform to the best international standards. The United States has therefore recognized that the Vatican's know-your-customer rules are equivalent to its own.

The specific annex dedicated to the Holy See and the Vatican City State explicitly mentions the laws and regulations that govern the requirements to obtain documentation to unequivocally confirm the identity of account holders in the Vatican.

It also cites Law No. XVIII of 8 October 2013, amended by Law No. CCXLVII of 19 June 2018, and Decree No. CCCLXXII of 9 October 2020 ("Transparency Law"), as well as Article 421 bis of the Criminal Code, amended by Article 5 of Decree No. CCCXXIX, dated 1 October 2019, on money laundering, and Regulation No. 4 of the Supervisory and Financial Information Authority.

02 June 2021, 18:52