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AUSTRAC in embarrassing $2b climbdown over Vatican transfers

Vatican City | A joint review of money transfers from the Vatican to Australia showed that between 2014 and 2020 only $9.5 million transited instead of the $2.3 billion originally calculated by Australia's financial watchdog, the Vatican said on Wednesday.

The Vatican contested the huge figures in December and asked the Australian financial intelligence unit AUSTRAC to review its calculations. AUSTRAC's error was first said to be due to a computer coding mistake.

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    Original URL: https://www.afr.com/companies/financial-services/austrac-in-embarrassing-2b-climbdown-over-vatican-transfers-20210114-p56txh