European bank experts visit Vatican, evaluate new financial procedures
CWN - November 28, 2011
European banking experts were in Rome last week for meetings with Vatican officials, as part of the process by which the Holy See is seeking approval as a full partner in European banking accords.
After complaints that the Vatican Bank had violated news European regulations designed to prevent money-laundering and inhibit terrorism, Pope Benedict XVI issued a motu proprio last December that reformed all Vatican financial transactions, calling for more transparency and better documentation of all transfers. The reforms were intended to ensure continued Vatican participation in European banking partnerships.
Between November 21 and 26, Vatican officials received visits from a team of experts from the Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL). The discussions were a key part of an evaluation that will be concluded sometime in the middle of 2012.
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