A report says the Vatican bank has been good at making changes, but it was still lacking in many key areas |
Related
Stories
The Vatican
bank needs more reform in order to show it is effective at preventing financial
crime, a report by a European banking watchdog has said.
The Vatican
has tried to gain entry to a so-called "white list" of countries that
are recognised globally as financially transparent.
The report
said the Vatican's measures for tackling money laundering and financing of
terrorism were inadequate.
However,
the bank had "come a long way" in addressing financial transparency.
The report
by Moneyval - the European body that vets banks - graded the secretive bank in
16 key areas.
The Vatican
bank was found to be falling short on seven of them and given a negative grade.
Moneyval
said the reporting of suspicious transactions was deficient and found the
Vatican police to be ill equipped to deal with financial crime.
While
offences such as financing terrorism had been criminalised by the Holy See -
the central administration of the Vatican - methods used to prevent these
crimes had not been implemented, Moneyval said.
The
Moneyval report is not a qualification for entry on the "white list",
but its approval influences a country's ability to gain international recognition
for good financial practices.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.