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European banking inspectors report on Vatican procedures

Catholic World News - July 05, 2012

European banking inspectors have completed their report on the Vatican’s financial procedures, although the contents of that report will not be made public for a month.

Inspectors from the “Moneyval” committee have been assessing the new Vatican regulations on financial transfers, which are intended to ensure compliance with European rules to guard against money-laundering. Last year the Vatican adopted a series of new financial accounting procedures designed to eliminate concerns about transparency.

The procedures of the Moneyval committee allow Vatican officials to respond to the inspectors’ report, with an amended report eventually being made public. Informed observers expect that Moneyval will cite some deficiencies in Vatican procedures, but give the Vatican an overall passing grade for transparency.

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