April 22, 2013
A major European regulator will conduct an expanded evaluation of the Vatican’s latest efforts to prevent money laundering and the funding of terrorism.
Moneyval, the monitoring Committee of the Council of Europe, agreed April 9 to expand its next review of Vatican policies and procedures.
The decision came in response to a request from the Vatican.
Moneyval’s first evaluation of Vatican laws and procedures was released in July 2012.
Overall, the Vatican met nine out of 16 key and core recommendations, thereby passing its first major test in an effort to become more financially transparent and compliant with international norms.
“The Holy See has come a long way in a very short period of time and many of the building blocks” of a system to combat money laundering and the financing of terrorism “are now formally in place,” the report said.
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