{"id":2914,"date":"2013-04-10T16:02:00","date_gmt":"2013-04-10T16:02:00","guid":{"rendered":"http:\/\/www.catholicnewsagency.com\/news\/vatican-response-to-financial-evaluation-will-exceed-requirements\/"},"modified":"2013-04-10T16:02:00","modified_gmt":"2013-04-10T16:02:00","slug":"vatican-response-to-financial-evaluation-will-exceed-requirements","status":"publish","type":"post","link":"https:\/\/www.patheos.com\/blogs\/catholicnews\/2013\/04\/vatican-response-to-financial-evaluation-will-exceed-requirements\/","title":{"rendered":"Vatican response to financial evaluation will exceed requirements"},"content":{"rendered":"\n<\/head>

Vatican City, Apr 10, 2013 \/ 10:02 am (CNA\/EWTN News<\/a>).- The Vatican plans to demonstrate its commitment to financial transparency by presenting progress it has made in areas the Council of Europe\u2019s money laundering prevention committee is not requiring.<\/p>\n

\t\u201cWith this initiative, the Holy See wishes to provide a more complete overview of the measures taken over the last year to further strengthen its institutional structure in the area of preventing money laundering and the financing of terrorism,\u201d says an April 10 statement from the Vatican.<\/p>\n

\tThe Council of Europe\u2019s financial oversight committee, known as MONEYVAL, requires that the states or institutions it reviews submit an update on how they are working to comply with shortcomings highlighted in the \u201ccore recommendations\u201d section of its report.<\/p>\n

\tThe report also lists items that are less important, which are called \u201ckey recommendations,\u201d but entity being evaluated is not obliged to inform the committee on how it is progressing in those areas.<\/p>\n

\tThe April 10 communiqu\u00e9 from the Vatican explained that the European financial committee \u201caccepted the Holy See\u2019s own proposal that this next report cover not only the Core Recommendations, but also all the areas covered by the Key Recommendations.\u201d<\/p>\n

\tThe Vatican\u2019s financial team will make a report on its progress to the full MONEYVAL assembly in December.<\/p>\n

\tThe original evaluation began in Feb. 2011 and the committee\u2019s report was issued in July 2012.<\/p>\n

\tIt found the Holy See and Vatican City State to be largely in compliance, with 9 key and core areas receiving a positive assessment and seven needing improvement.<\/p>\n

\tOne item that has already been fixed was a conflict of interest created by Cardinal Attilio Nicora having a role in both the Vatican\u2019s financial watchdog agency and its monetary policy body. He resigned from his position with the policy unit in July 2011 but remained the president of the watchdog agency.<\/p>\n

\n<\/a>\n<\/div>\n

<\/p>\n<\/body><\/html>\n","protected":false},"excerpt":{"rendered":"

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