Skip to content
Deacon Keith Fournier Hi reader, it seems you use Catholic Online a lot; that's great! It's a little awkward to ask, but we need your help. If you have already donated, we sincerely thank you. We're not salespeople, but we depend on donations averaging $14.76 and fewer than 1% of readers give. If you donate just $5.00, the price of your coffee, Catholic Online School could keep thriving. Thank you. Help Now >

EU recognizes financial system of Vatican City State

Free World Class Education
FREE Catholic Classes

12/3/2018 (5 months ago)
Catholic Online (

The Board of the European Payments Council (EPC) approved last month the extension of the geographical scope of the Single Euro Payments Area (SEPA) to include Vatican City State and the Holy See. Mostly seen as insider news, the decision in fact bespeaks a considerable boost to the financial system of the Vatican.


Catholic Online (
12/3/2018 (5 months ago)

Published in Europe

Keywords: EU recognizes, financial system, Vatican City State

Vatican City, (CNA) - It is especially noteworthy that the European Payments Council made its decision with the consent of the European Commission. This means that the Vatican's financial system has been recognized by the European Union as an autonomous and independent system.

SEPA harmonizes the way electronic euro payments are made across Europe.

A Holy See Press Office release Nov. 30 explained that "SEPA allows European consumers, business and public administrations to make and receive credit transfers as well as direct debits under the same basic conditions and makes all cross-border payments in euro as easy as domestic payments."

This means that Holy See's financial transfers will be considered to take place within the European Union's system. Until now, Italy has considered Vatican City State to be a non E.U. country for financial purposes, and asked that bank transfers follow the requirements of countries outside the E.U. Now, it will not be possible to consider Vatican City State a non-E.U. country for financial purposes.

According to the Holy See Press Office release, "it is foreseen that, as of March 1, 2019, the SEPA schemes are open to the financial institutions of the Vatican City State/Holy See once they have joined."

The Vatican will join a group of 36 countries: the 28 E.U. member states plus Iceland, Norway, Liechtenstein, Switzerland, Monaco, San Marino, the Principality of Andorra and the Vatican City State/Holy See.

René Bruelhart, president of the Vatican Financial Intelligence Authority, stressed that "the successful application of SEPA is a very positive sign. It helps to facilitate payments and harmonises such services. Furthermore, it demonstrates the Holy See's efforts to enhance financial transparency."

"The participation in the geographical scope of SEPA is a step forward for the consolidation of the domestic system. A Vatican IBAN code will be issued for the transfer of funds and this is a significant change." said Tommaso Di Ruzza, the director of the Financial Intelligence Authority. 
He added that "SEPA schemes are open to public administrations. For the future this is an opportunity also for those bodies of the Holy See and the Vatican City State competent for sovereign finance". 
The inclusion of Vatican City State in the SEPA schemes is the first phase of a wider project. Phase two will be the application of the Institute for Religious Works (IOR) to SEPA. In order to be accepted, the IOR will have to prove it fits to the regulatory framework and that it has the required technical skills. 
This step forward toward an international recognition of the Vatican financial system is due to the strengthening of the regulatory framework. 
On Sep. 19, 2018, the Financial Intelligence Authority issued two new regulations (the n. 4 and 5) on due diligence and suspect transactions report. The new regulations were included in a framework that made the Vatican City State/Holy See compliant with all the requirements of the SEPA area.


More Europe

Polish bishops pledge greater sensitivity for abuse victims Watch

Image of

The bishops of Poland are speaking out against sexual abuse, pledging to continue to "eliminate factors conducive to crime" as well as to ... continue reading

Pope Francis urges Catholics to help children by supporting adoption Watch

Image of

 Adoption is often a difficult and bureaucratic process, but there are many children who need homes and the Church should step up to ... continue reading

Former airline pilot appointed to lead diocese of Saginaw, MI Watch

Image of

Pope Francis Friday named Bishop Robert D. Gruss of Rapid City, South Dakota, the next bishop of the Diocese of Saginaw, Michigan. Vatican ... continue reading

Pro-life student group wins affiliation at Scottish university Watch

Image of

 A pro-life group at the University of Aberdeen has been granted affiliation by the school's student association, a month after filing ... continue reading

Scottish pro-lifers lose appeal of decision allowing self-administered abortion pills Watch

Image of

 A pro-life group in Scotland has, for a second time, lost a legal challenge against the government's decision last year to allow ... continue reading

Never Miss any Updates!

Stay up to date with the latest news, information, and special offers.

Deacon Keith Fournier Hi readers, it seems you use Catholic Online a lot; that's great! It's a little awkward to ask, but we need your help. If you have already donated, we sincerely thank you. We're not salespeople, but we depend on donations averaging $14.76 and fewer than 1% of readers give. If you donate just $5.00, the price of your coffee, Catholic Online School could keep thriving. Thank you. Help Now >

Learn about Catholic world

Catholic Online
Inform - Inspire - Ignite

Catholic Online Saints
Your saints explained

Catholic Online Prayers
Prayers for every need

Catholic Online Bible
Complete bible online

Catholic Online News
Your news Catholic eye

Daily Reading
Today's bible reading

Lent / Easter
Death & resurrection of Jesus

Advent / Christmas
Birth of Jesus

Rest of Catholic Online
All Catholic world we offer

Products and services we offer

Catholic Online Shopping
Catholic medals, gifts & books

Advertise on Catholic Online
Your ads on

Catholic Online Email
Email with Catholic feel

Learn the Catholic way

Catholic Online School
Free Catholic education for all

Student Classes
K-12 & Adult Education Classes

Support Free Education
Tax deductible support Free education

Connect with us online

Catholic Online on Facebook
Catholic social network

Catholic Online on Twitter
Catholic Tweets

Catholic Online on YouTube
Enjoy our videos

Catholic Online on Instagram
Shared Catholic moments

Catholic Online on Pinterest
Catholic ideas style inspiration

Catholic Online Logo

Copyright 2019 Catholic Online. All materials contained on this site, whether written, audible or visual are the exclusive property of Catholic Online and are protected under U.S. and International copyright laws, © Copyright 2019 Catholic Online. Any unauthorized use, without prior written consent of Catholic Online is strictly forbidden and prohibited.

Catholic Online is a Project of Your Catholic Voice Foundation, a Not-for-Profit Corporation. Your Catholic Voice Foundation has been granted a recognition of tax exemption under Section 501(c)(3) of the Internal Revenue Code. Federal Tax Identification Number: 81-0596847. Your gift is tax-deductible as allowed by law.