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The Vatican has made significant progress in financial reforms but still risks being used for money laundering unless it strengthens controls, a European watchdog said on Thursday.
The 30-page report by Moneyval, a monitoring committee of the Council of Europe, is expected to add impetus to Pope Francis’s efforts to clean up the Vatican’s finances after decades of scandal.
It advocates stronger controls on the Vatican’s bank – whose main purpose is to provide financial services for Vatican employees and religious groups – and another financial office.
Moneyval’s first report, in 2012, found the Holy See failing in seven of 16 “key and core” areas and made recommendations for changes to its financial legislation and practices.
“It is clear from this review that much work has been done in a short time to meet most of the Moneyval technical recommendations. There are many welcome clarifications and improvements …,” Moneyval said. Continue reading
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