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    » 07/18/2012, 00.00

    VATICAN

    Vatican gains European “approval” for anti-money laundering measures



    The Moneyval report positive mainly on anti-money laundering measures and calls for strengthening of supervisory measures. Msgr. Balestrero: "For the Holy See, this process is first and foremost a moral rather than a technical commitment." It is “a definitive step to lay the foundations to a structure". " Now it is our wish to fully construct a building that effectively shows the Holy See’s and Vatican City State’s desire to be a reliable partner in the international community "

    Vatican City (AsiaNews) - "Pride in what we have accomplished, tempered by recognition of what we must still do " is the Vatican response to the conclusions of the Moneyval evaluation report on prevention money laundering and the financing of terrorism adopted by the Holy See / Vatican City State (in the picture: the headquarters of the IOR).

    The opinion was expressed today by Msgr. Ettore Balestrero, undersecretary for Relations with States, as leader of the Holy See delegation at the MONEYVAL Plenary Session - The Committee of Experts of the Council of Europe for the evaluation of measures to combat money laundering and the financing of terrorism - which has approved the first evaluation report on measures taken in these matters, by the Vatican.

    "For the Holy See - said Mgr. Balestrero who gave a briefing - this process is first and foremost a moral rather than a technical commitment.  As Pope Benedict XVI stated in his 30 December, 2010 Motu Proprio, just as the rest of the international community equips itself with the tools necessary to fight these evils, it is right and good that the Holy See share in these efforts, adopting such tools "as its own" and thereby also "carrying out the mission of the Holy See".

    "As the Secretariat of State clarified in requesting this evaluation, the Holy See recognizes that moral commitments must be accompanied by the technical compliance and effective implementation of the international standards necessary to fight money laundering and the financing of terrorism.  Compliance and effective implementation are indeed what render moral commitments concrete. "

    " In 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.We have taken a definitive step to lay the foundations to a structure - a house if you will - that is to a robust and sustainable system to combat money laundering and the financing of terrorism. Now it is our wish to fully construct a building that effectively shows the Holy See's and Vatican City State's desire to be a reliable partner in the international community".

    Specifically, the Vatican got a positive result ("broadly conforming" or "conforming") in nine of the 16 of FATF recommendations, the Financial Action Task Force especially in the field of money laundering. But questions remain to be resolved, especially regarding control structures. In particular Moneyval "calls on the Holy See to strengthen its supervisory structures."

    According to Father Federico Lombardi, director of the Vatican Press Office, Moneyval's judgment on the Vatican is "a historic moment, but there are many things to do. But the Vatican's collaboration with competent people from the outside world, represents a historical fact. Of course, it is clear from the report that much work remains to be done. "

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    See also

    22/05/2013 VATICAN
    Vatican continues fight against money laundering
    The Vatican Financial Information Authority (AIF) releases its first annual report, showing that the "system is consistently improving". The AIF received six suspicious activity reports last year, up from one the previous year. International cooperation is improving. This year, Moneyval recommendations are set to be implemented.

    19/05/2014 VATICAN
    Vatican “significantly stregthens” measures against money laundering and financial crimes
    Financial Intelligence Authority presents annual report. "Notable uptake in suspicious transaction reports (STR) from 6 in 2012 to 202 in 2013". In the first quarter of 2014, the AIF has conducted the first routine inspection in situ of the Institute for Works of Religion ( IOR) .

    30/12/2010 VATICAN
    Pope: new laws for transparency, honesty and accountability in financial matters
    Benedict XVI enacts norms by which all institutions connected with the government of the Catholic Church and the State of Vatican City, are inserted, in a spirit of sincere collaboration, within a system of principles and legal instruments that the international community is building to fight illegal activities such as money-laundering and terrorist financing.

    16/02/2012 NEPAL
    Nepal risks ruin because of Maoist opposition to international financial rules
    The ruling party blocks proposed rules on money-laundering and terrorism that are binding on UN member states in order to prevent Maoist leaders from going on trial. The country could be blacklisted, unable to sell government bonds or attract foreign investment.

    16/12/2014 CHINA
    China loses US$ 1.25 trillion to tax evasion and corruption
    According to a report by Global Financial Integrity, illicit outflows from the mainland grew exponentially over a ten-year period. Tax evasion and corruption are the main reason. This makes China the biggest loser among 151 developing nations.



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