Vatican City

Vatican passes nine of 16 transparency tests

Council of Europe says Holy See still has work to work to do

Vatican passes nine of 16 transparency tests

(ANSA) - Vatican City, July 18 - The Vatican City was given positive grades in nine of 16 areas concerning financial transparency on Wednesday in a Council of Europe report. The report by the Council of Europe's Moneyval department is likely to have a bearing on 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.

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