{"id":569,"date":"2012-07-18T17:09:00","date_gmt":"2012-07-18T17:09:00","guid":{"rendered":"http:\/\/www.catholicnewsagency.com\/news\/vatican-welcomes-largely-positive-report-on-financial-transparency\/"},"modified":"2012-07-18T17:09:00","modified_gmt":"2012-07-18T17:09:00","slug":"vatican-welcomes-largely-positive-report-on-financial-transparency","status":"publish","type":"post","link":"https:\/\/www.patheos.com\/blogs\/catholicnews\/2012\/07\/vatican-welcomes-largely-positive-report-on-financial-transparency\/","title":{"rendered":"Vatican welcomes largely positive report on financial transparency"},"content":{"rendered":"\n<\/head>

Vatican City, Jul 18, 2012 \/ 11:09 am (CNA\/EWTN News<\/a>).- The Vatican is welcoming a largely positive report from the European body responsible for monitoring financial transparency, while also committing itself to further improvement.<\/p>\n

\t\u201cIn this light, the report released today is not the end, but is rather an important passage of our continuing efforts to marry moral commitments to technical excellence,\u201d said Monsignor Ettore Balestrero of the Vatican\u2019s Secretary of State at a July 18 media briefing.<\/p>\n

\tThe Council of Europe\u2019s Committee of experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism \u2013 Moneyval \u2013 found the Vatican to be \u201ccompliant\u201d or \u201clargely compliant\u201d on nine of the 16 \u201ckey and core\u201d recommendations for combating terrorist financing and money-laundering.<\/p>\n

\t\u201cThe Holy See has come a long way in a very short period of time and many of the building blocks of anti-money laundering and combating the financing of terrorism regimes are now formally in place,\u201d concluded the Moneyval report, which was released on July 18.
\n\t\u00a0
\n\t\u201cBut further important issues still need addressing in order to demonstrate that a fully effective regime has been instituted in practice,\u201d the report said.<\/p>\n

\tAmong Moneyval\u2019s areas for concern was skepticism over the \u201cworkability\u201d of the Vatican\u2019s internal scrutiny body, the Financial Information Authority, which was created in 2010. Msgr. Balestrero said the Vatican was \u201cgrateful for this observation,\u201d adding that they take \u201cboth the praise and criticism contained in the report with seriousness.\u201d<\/p>\n

\tThe Vatican invited Moneyval to inspect its financial set up in February 2011 after passing new transparency legislation towards the end of 2010. \u201cThe last 19 months have been months of work and learning,\u201d Msgr. Balestrero said with a smile.<\/p>\n

\t\u201cFor the Holy See, this process is first and foremost a moral rather than a technical commitment,\u201d he explained.<\/p>\n

\tMsgr. Balestrero said that it is important for the Holy See to \u201cuse its moral authority to raise maximum awareness about the far too frequent transnational crime of money laundering and the financing of terrorism.\u201d<\/p>\n

\tHe also said that while the Vatican is proud of its recent acheivements, it is also committed to further improvements. These include a review of all current Vatican legislation and a \u201crisk assessment\u201d of present procedures conducted by Moneyval.
\n\t\u00a0
\n\tMsgr. Balestrero described the Vatican\u2019s effort up until now as laying a foundation and said that now what remains is to \u201cfully construct a building that effectively shows the Holy See\u2019s and Vatican City State\u2019s desire to be a reliable partner in the international community.\u201d<\/p>\n

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

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

Vatican City, Jul 18, 2012 \/ 11:09 am (CNA\/EWTN News).- The Vatican is welcoming a largely positive report from the European body responsible for monitoring financial transparency, while also committing itself to further improvement.<\/p>\n

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