VATICAN CITY
Moneyval
The Council of Europe’s anti-money laundering and counter terrorist financing body MONEYVAL today published the second progress report of the Holy See/Vatican City State. The report evaluates its compliance with the recommendations made by MONEYVAL in its Mutual Evaluation Report in July 2012 and its first progress report in December 2013.
MONEYVAL concludes that the Holy See has addressed most of the technical deficiencies in its legislation and regulations. However there is a need now for the anti-money laundering and counter terrorist financing system to deliver effective results in terms of prosecutions, convictions and confiscation.
Council of Europe Secretary General Thorbjørn Jagland said: “I welcome the progress the Holy See has made in a number of areas since 2012. I urge its authorities to take into account MONEYVAL´s recommendations and to deliver some real results in the money laundering investigations being conducted”.
The report includes MONEYVAL’s analysis of the Holy See’s compliance with the 16 key and core 2003 Financial Action Task Force (FATF) Anti-Money Laundering and Counter Terrorism Financing Recommendations.
MONEYVAL points out that the intensive review process in respect of accounts in the Institute for the Works of Religion (IOR) appears to have been a success. This process, in which approximately 4,800 accounts have been closed, has corrected many significant shortcomings in the implementation of the measures to accurately identify and verify account holders.
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