Europe bank authorities recognize Vatican reform with own country code

World 18:21 30.11.2018

The Vatican has its own vehicle license plates and telephone code. Now, European financial authorities are granting the tiny city-state its own bank code - VA.

For an institution that has had plenty of money scandals, Vatican officials see it as a recognition it is repairing its finances.

“This is further proof that we have left the past behind,” Rene Bruelhart, the Swiss president of the Vatican’s internal regulator, the Financial Information Authority (AIF), told Reuters.

The Vatican and the Board of European Payments Council announced that the EPC had accepted the Vatican’s application to join the Single Euro Payments Area.

“To be admitted to this kind of thing you also have to have full commitment to payment service directives and to all kinds of anti-money laundering rules of the European Union,” he said. “This is quite a significant step.”

The Single Euro Payments Area, which operates under the auspices of the European Commission, harmonizes the way electronic euro payments are made in Europe, making cross-border electronic payments as simple as domestic payments.

It comprises 34 countries - the 28 EU states, as well as Iceland, Norway, Liechtenstein, Switzerland, Monaco, and San Marino. The Vatican will formally join on March 1, 2019, along with Andorra, bringing the total to 36.

From then on, it will have its own country code on IBANs, or International Bank Account Number. It consists of up to 34 alphanumeric characters starting with a two-letter national code, such as IT for Italy and GB for Britain.

The Vatican, which piggybacked into the common currency with Italy in 1999, has so far depended on other banking jurisdictions, mainly Italy, for euro payments across Europe.

Getting its own IBAN code is seen as a financial emancipation from the neighbor that surrounds it.

Last year, in a move that ended years of mistrust on the part of Rome’s central bank, Italy put the Vatican on its “white list” of states with cooperative financial institutions.

Also last year, Moneyval, the monitoring body of the Council of Europe, issued a mostly positive evaluation of the Vatican’s efforts to make its finances transparent and bring them in line with international banking and accounting standards.

Pope Francis has made cleaning up Vatican finances a priority since his election in 2013.

Hundreds of suspicious or dormant accounts at the Vatican bank, officially known as the Institute for Works of Religion (IOR), have been reported or closed in recent years.

In an interview with Reuters in June, the pope, who has broadened AIF’s powers, said he was mostly happy about reforms enacted to once-scandalous Vatican finances. He said the Vatican bank “now works well”.

The VA bank code now sits alongside its separate vehicle license plates (SCV for the pope, CV for others) and telephone code (698).

Azerbaijan takes measures to turn Khankandi into safe city - VİDEO

News line

Committee members of the EU Council will visit the South Caucasus region
19:48 28.03.2024
Bayern to pay Thomas Tuchel 12M euro compensation
Bayern to pay Thomas Tuchel 12M euro compensation
19:00 28.03.2024
Crocus City Hall terrorists took drugs before attack - law enforcement agencies
Crocus City Hall terrorists took drugs before attack - law enforcement agencies
18:33 28.03.2024
Azerbaijan, UN Development Program mull future co-op
18:00 28.03.2024
An Independent Trade Union Established within International Eurasia Press Fund - First in NGO sector - PHOTOS
17:39 28.03.2024
Italian PM condemns Macron for idea of sending troops to Ukraine
Italian PM condemns Macron for idea of sending troops to Ukraine
17:23 28.03.2024
Azerbaijan lends clarity to color requirement for taxis
17:02 28.03.2024
Isaac Herzog: Israel has no greater friend than US, and US has no greater friend than Israel
Isaac Herzog: Israel has no greater friend than US, and US has no greater friend than Israel
16:45 28.03.2024
Nigerian army eliminates over 200 militants in 2 weeks
16:30 28.03.2024
Armored Vehicle Coalition for Ukraine launched in Poland
Armored Vehicle Coalition for Ukraine launched in Poland
16:15 28.03.2024
Russia strengthens transport security measures after terror attack at Crocus City Hall
Russia strengthens transport security measures after terror attack at Crocus City Hall
15:55 28.03.2024
Türkiye plays an important role between Russia and Ukraine - says political scientist Ismail Cingoz
15:45 28.03.2024
2 schoolchildren detained in France on suspicion of sending bomb threats
15:35 28.03.2024
Ski resort in Georgia hit by avalanche
Ski resort in Georgia hit by avalanche
15:26 28.03.2024
Another protest against French colonialism held in New Caledonia, Azerbaijani flag raised
Another protest against French colonialism held in New Caledonia, Azerbaijani flag raised
15:15 28.03.2024
Media: US did not transfer all information about terrorist attack in Crocus City Hall to Russia
15:00 28.03.2024
Movement ‘Together’ calls on Armenia’s parliamentary forces to express vote of no confidence in Pashinyan
14:41 28.03.2024
Azerbaijan to participate in international trade fair in Istanbul
Azerbaijan to participate in international trade fair in Istanbul
14:32 28.03.2024
Le Pen accuses French government of fraud
14:22 28.03.2024
Armenian Government Grapples with Internal Division on Village Return Issue - Ishkhan Verdiyan talks on Ednews
14:12 28.03.2024
Ammunition found along route of Crocus City Hall terrorists
Ammunition found along route of Crocus City Hall terrorists
13:41 28.03.2024
Expert Ilyas Huseynov Predicts Peaceful Return of these territories to Azerbaijan
13:20 28.03.2024
Azerbaijan weather forecast for March 29
Azerbaijan weather forecast for March 29
12:55 28.03.2024
Russian MFA concerned about upcoming Armenia-US-EU meeting
12:23 28.03.2024
Secret Points of Pashinyan's Meeting with French Representative: Is Peace Agreement Signing Imminent?
12:00 28.03.2024
Armenia announces recruitment of border guards to work at Zvartnots
Armenia announces recruitment of border guards to work at Zvartnots
11:47 28.03.2024
The US-Armenia-EU Joint Conference is a part of the pressure plan on Azerbaijan - MP Konul Nurullayeva
11:30 28.03.2024
Azerbaijan’s central bank reduces discount rate
Azerbaijan’s central bank reduces discount rate
11:23 28.03.2024
CSTO chief: ‘Yerevan doesn’t participate in our work, but there are no statements about suspension’
11:13 28.03.2024
Ammunition found in Khankandi
Ammunition found in Khankandi
11:00 28.03.2024
Russia had been aware of preparation for terrorist attack at Crocus - says intelligience chief
10:46 28.03.2024
Scholtz reveals date of his last telephone conversation with Putin
Scholtz reveals date of his last telephone conversation with Putin
10:33 28.03.2024
Head of the SSS: France is inciting Armenia to a new war
10:21 28.03.2024
Are we in the brink of World War III? - Pundit talks on Ednews
10:10 28.03.2024
Azerbaijan's National Security: Reflecting on 105 Years of Defending Sovereignty
09:55 28.03.2024
Hikmat Hajiyev: Rasmussen fell in forgetfulness to attach payment to his report
09:35 28.03.2024
Hand grenades found in Kalbajar
09:25 28.03.2024
Titanic 'door' prop that kept Rose alive sells for $718,750
Titanic 'door' prop that kept Rose alive sells for $718,750
08:50 28.03.2024
Twitch's biggest streamer diagnosed with cancer diagnosis at 32
23:55 27.03.2024
Azerbaijan's former Minister of National Security passes away
22:41 27.03.2024
Hamısı