VATICAN CITY
Reuters
[MONEYVAL’s first evaluation report on the Holy See – Council of Europe]
By Philip Pullella
VATICAN CITY | Wed Jul 18, 2012
(Reuters) – A European report on Wednesday identified serious failings in the Vatican’s scandal-plagued bank, sharply criticizing its management and giving it a negative rating in almost half the most important transparency-related assessment criteria.
The report, by Moneyval, a department of the Council of Europe, suggests the Vatican still has a long way to go before it can be included on an international “white list” of countries that abide by global norms on combating money laundering, the financing of terrorism and tax evasion.
It was particularly pointed in its criticism of the management of the Vatican bank, officially known as the Institute for Works of Religion (IOR), and “strongly recommended” it be “independently supervised by a prudential supervisor in the near future”.
“Fit and proper criteria” should be applied to senior management at the IOR, it said.
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