U.S. recognizes Vatican financial rules for customer due diligence
Victor Vladimirov – Vatican City
The laws of the Vatican City State and the Holy See, which have increased transparency and oversight in financial matters in recent years, continue to gain international recognition.
Recently, a report by the US Government’s Internal Revenue Service, which is responsible for collecting federal taxes, was published: now this agency lists the Vatican as one of the jurisdictions in which financial security inspection rules meet the best international standards. As such, the United States of America recognizes that the Vatican’s customer due diligence law is equivalent to its strict rules.
A special annex dedicated to the Holy See and the State of the Vatican City explicitly mentions the laws and regulations of the Vatican governing the collection of documentation that is necessary to unequivocally confirm the identity of account holders.