Vatican City

Vatican welcomes 'praise and criticism' in Moneyval report

Holy See given positive grades on nine out of 16 points

Vatican welcomes 'praise and criticism' in Moneyval report

(ANSA) - Vatican City, July 18 - Vatican Undersecretary of State Monsignor Ettore Balestrero said that "both the praise and criticism" from the Council of Europe's Moneyval committee report on financial transparency were welcome and would be taken "with seriousness". Balestrero is also the head of the Vatican delegation to the Moneyval committee, which gave positive grades in nine of 16 areas concerning the Vatican's financial transparency as part of the Holy See's bid to join the 'white list' states that respect international standards on combatting money laundering and the financing of terrorism. The report praised the progress the Holy See has made in terms of transparency but said more reforms were needed and called on it to put the Vatican Bank, the Institute for Religious Works (IOR), under independent supervision. "For the Holy See, this process is first and foremost a moral rather than a technical commitment," said Balestrero. Balestrero emphasised that the Vatican has always had "a clear determination to fight money laundering and terrorist financing, as well as a legal system that already had several of the elements necessary to tackle those problems".

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