Vatican City

Major report on Vatican bank to be released in December

Institution expected to become more transparent

Major report on Vatican bank to be released in December

Vatican City, April 10 - The Holy See will deliver a complete report in December on measures being developed at the Vatican's bank to fight money laundering and terrorist financing, Vatican Radio reported Wednesday. The Vatican is continuing to work with the Council of Europe's Moneyval agency on an evaluation of national measures to meet global standards, and will deliver a progress report in December, according to Vatican Radio. That report is also expected to include "a more complete overview of the measures taken in the last year to further strengthen its institutional framework in prevention of money laundering and financing of terrorism". In a damning report last July, Moneyval said the Holy See had made some progress on financial transparency, but complained that many more reforms were needed. It gave the bank - also known as the Institute of Religious Works (IOR) - positive grades in only nine of 16 areas. Since then, the Vatican says it has been making efforts to comply with Moneyval in order to join the 'white list' of states that respect international standards on combating money laundering and the financing of terrorism. Last September, it hired a Swiss expert to help it fight money laundering more effectively.

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