VATICAN CITY
Reuters
By Philip Pullella
VATICAN CITY | Mon Jul 16, 2012
(Reuters) – A European report on the Vatican’s efforts to meet international financial transparency standards will recognize progress over the past three years but still give it a failing grade in seven of 16 “key and core” areas, sources familiar with the report say.
The seat of the Catholic Church, long beset by scandals involving its only bank, is trying to win inclusion in a so-called “white list” of countries that take adequate steps to fight money laundering, tax evasion and other financial crimes.
The report, to be published on Wednesday, will not reach a conclusive judgment, but is expected to show that some progress has been made but more must still be achieved over the course of a reform effort expected to take years.
The report is by Moneyval, “The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism”, a monitoring mechanism of the 47-nation Council of Europe that ensures that member states comply with international financial standards.
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