VATICAN CITY
Bloomberg Businessweek
By Chiara Vasarri
May 22, 2013
The Vatican said it stepped up efforts to improve financial transparency and prevent money laundering as pressure continues for compliance with international standards.
The Holy See and the Vatican City “have strengthened their efforts for the prevention and countering of money laundering and financing of terrorism” to represent an effective global partner, the Vatican Financial Intelligence Authority’s director, Rene Bruelhart, said in the agency’s annual report published today. Future challenges “are several and require perseverance.”
In July Moneyval, the Council of Europe’s monitoring body for money laundering and terrorism financing, gave the Vatican a mixed report card, saying it was making progress in complying with international standards on financial transparency, though it still needed to improve supervision of transactions. That report stressed the importance of independent supervision of the Vatican bank, which is formally called the Institute for the Works of Religion, or IOR.
Note: This is an Abuse Tracker excerpt. Click the title to view the full text of the original article. If the original article is no longer available, see our News Archive.