Deutsche Bundesbank

The Vatican’s financial watchdog has signed a cooperation agreement with Germany’s central bank following Pope Leo XIV’s recent overhaul of the authority’s governing statutes. The memorandum of understanding was signed on 17 July at Palazzo San Carlo by ASIF Director Federico Antellini Russo and Dr Burkhard Balz, a member of the Executive Board of the […] The Vatican’s financial watchdog has signed a cooperation agreement with Germany’s central bank following Pope Leo XIV’s recent overhaul of the authority’s governing statutes. The memorandum of understanding was signed on 17 July at Palazzo San Carlo by ASIF Director Federico Antellini Russo and Dr Burkhard Balz, a member of the Executive Board of the Deutsche Bundesbank. The agreement establishes technical cooperation between the Vatican’s Supervisory and Financial Information Authority (ASIF) and Germany’s central bank, with both institutions working together on financial supervision through training initiatives and the exchange of expertise and best practice. The signing follows Pope Leo XIV’s promulgation of new statutes for ASIF, the Vatican body responsible for supervising the Holy See’s financial sector and combating money laundering and the financing of terrorism. The revised statutes came into force after the Pope issued a chirograph dated 25 June, replacing the previous norms introduced during the pontificate of Pope Francis. Speaking at the ceremony, Balz said the agreement demonstrated a shared commitment to strengthening cooperation between the two institutions. “By signing this memorandum of understanding, we reaffirm our shared commitment to the principles of integrity, transparency, and international cooperation,” Balz said. “This agreement provides a framework for ongoing exchange and mutual support, reflecting our common aspiration to serve the common good through a stable and fair financial system.” The Vatican said the agreement builds on an established relationship between ASIF and the Bundesbank that has developed over a number of years. It added that closer cooperation had been made possible by the Holy See’s commitment to strengthening its financial framework in accordance with international standards, pointing to greater transparency, accountability and professionalism within its financial institutions. Under the memorandum, the two authorities will cooperate in financial supervision, exchange technical knowledge and develop training opportunities designed to strengthen regulatory practice. According to the Vatican, the objective is to contribute to greater transparency and sustainability across the international financial system. For ASIF, the agreement also coincides with the fifteenth anniversary of the authority’s creation. Antellini Russo said the anniversary, together with Pope Leo XIV’s new statutes, marked an opportunity to assess the body’s development while looking ahead. “The signing of this memorandum of understanding takes place in the year marking the fifteenth anniversary of the establishment of this Authority, and only a few weeks after the entry into force of the new Statute of the Supervisory and Financial Information Authority, promulgated by His Holiness Pope Leo XIV,” Antellini Russo said. “As is often the case with such milestones and anniversaries, this offers us an opportunity to reflect on the path we have travelled, but above all to look to the future with confidence. I hope that the cooperation between our two institutions will continue to grow stronger and become even closer.” The signing ceremony was attended by Monsignor Mihăiţă Blaj, Under-Secretary of the Section for Relations with States and International Organisations at the Secretariat of State, and Dr Christoph Braner, Minister Plenipotentiary at the German Embassy to the Holy See. The agreement follows the evolution of the Vatican’s financial watchdog. Pope Benedict XVI established the Financial Information Authority in 2010 as part of a programme of financial reform. Pope Francis subsequently introduced revised statutes in 2013 before issuing further reforms in 2020, when the body received its current name, the Supervisory and Financial Information Authority. Pope Leo XIV’s revised statutes now provide the framework under which ASIF will continue its supervisory role.