VATICAN CITY
ABC News
By NICOLE WINFIELD Associated Press
VATICAN CITY July 18, 2012 (AP)
The Vatican’s bid to get on the so-called “white list” of financially transparent countries passes a key stage Wednesday with the eagerly awaited release of a report card on its efforts to comply with international norms to fight money laundering and terror financing.
A Council of Europe committee will issue its first evaluation of the Holy See’s compliance with 49 recommendations covering everything from completing customer due diligence checks at its bank to keeping a list of terrorist suspects. Scoring a compliant or largely compliant grade on at least half of the 16 “key and core” recommendations is critical to the next phase of the Vatican’s “white list” bid.
Indications are the Vatican will pass the test, praised for its efforts in some areas but criticized for shortcomings in others. Given that some countries remain noncompliant for years, the Vatican’s first independent, international and public evaluation of its finances may go a long way toward removing its reputation as a shady tax haven long mired in scandal.
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