VATICAN CITY
Vatican Insider
Moneyval report on Holy See has been published. It seems to comply or broadly comply with nine out of the sixteen most important recommendations made
Andrea Tornielli
Vatican City
This morning, Moneyval, the Council of Europe’s committee of experts on the evaluation of anti-money laundering measures and the financing of terrorism published the report on the Holy See which was discussed last 4 July during the general assembly. The document recognises that the Holy See has “come a long way in a very short period of time and many of the building blocks of an AML/CFT regime are now formally in place. But further important issues still need addressing in order to demonstrate that a fully effective regime has been instituted in practice.”
Of the 45 international recommendations made by the GAFI, considered applicable in this specific case the Holy See was judged to be not in line or partially in line with 23 of the recommendations (51%) and in line or broadly in line with the remaining 22 (49%). Out of the 16 recommendations considered core and therefore the most important, the Vatican was found to be compliant or broadly in line with nine and so will have to work on the remaining seven.
The Vatican was judged to be broadly in line with the 16 key recommendations for areas such as money laundering, confiscation measures, privacy laws, documentation, mutual legal assistance, criminal convictions for the financing of terrorism, international cooperation and so on. The Vatican was also found to be implementing conventions correctly. However it emerged that it did not fulfil or only partially fulfilled customer due diligence requirements, assessment of suspect operations, supervision and monitoring, other forms of cooperation, the implementation of UN instruments and the freezing and confiscation of terrorist assets.
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