Review shows Australia made huge miscalculation on funds transfers, Vatican says

A joint review of money transfers from the Vatican to Australia showed that between 2014 and 2020 only A$9.5 million ($7.35 million) transited instead of the A$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, known as AUSTRAC, to review its calculations.

A joint review of money transfers from the Vatican to Australia showed that between 2014 and 2020 only A$9.5 million ($7.35 million) transited instead of the A$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, known as AUSTRAC, to review its calculations. AUSTRAC's error was first reported by the Australian newspaper earlier on Wednesday, which said it was due to a computer coding mistake. ($1 = 1.2923 Australian dollars)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)