Challenge Grant: Our Boosters will match donations up to $45,000. We have $36,649 to go. Please donate!
Click here to advertise on

'Moneyval' report gives Vatican passing grade on financial transparency

Catholic World News - July 18, 2012

European banking inspectors have given the Holy See generally passing grades in an audit of financial transparency, while citing some deficiencies and calling for improvement.

The “Moneyval” report, prepared by independent inspectors at the request of the Holy See, found that the Vatican met Europe’s tough new standards on 9 of the 16 testing criteria. The report offered suggestions for improvement on the 7 other criteria.

Moneyval evaluations typically fault financial institutions on at least some of the 16 criteria, and the criticism leveled at the Vatican on some issues was not unexpected. The nature of the Moneyval report enabled journalists to portray it as either an endorsement or a rebuke of Vatican financial management. But the report did give Vatican officials a passing grade, and complimented them on the steps taken during the past year to increase the transparency of financial transactions.

The Moneyval standards are designed to prevent money-laundering and the financing of terrorist or criminal groups. Commenting on the July 18 report, Msgr. Ettore Ballestero, the undersecretary for relations with states, said that the Vatican is strongly committed to the effort. “For the Holy See, this process is first and foremost a moral rather than a technical commitment,” he said.

“We are aware that, like other jurisdictions, some areas of the Vatican’s systems to fight money laundering and the financing of terrorism still need to improve,” Msgr. Ballestero said. He added that the Vatican would take steps to implement the suggestions found in the report.

The Moneyval report was most critical of the Vatican’s newly formed Financial Information Authority. The European inspectors said that the organization, which is intended to supervise all financial activities involving the Vatican, does not appear to have the authority and resources necessary to maintain adequate oversight. The report also recommended more professional oversight of the Vatican bank, the Institute for Religious Works.

The Moneyval report was completed and delivered to the Vatican early in July. Originally, officials said that the report would not be made public for a month, until Vatican financial personnel had an opportunity to review and comment on the findings. But in fact it was published in two weeks.

Additional sources for this story
Some links will take you to other sites, in a new window.

An appeal from our founder, Dr. Jeffrey Mirus:

Dear reader: If you found the information on this page helpful in your pursuit of a better Catholic life, please support our work with a donation. Your donation will help us reach seven million Truth-seeking readers worldwide this year. Thank you!

Our Fall Campaign
Progress toward our year-end goal ($124,738 to go):
$150,000.00 $25,262.05
83% 17%
Sound Off! supporters weigh in.

All comments are moderated. To lighten our editing burden, only current donors are allowed to Sound Off. If you are a donor, log in to see the comment form; otherwise please support our work, and Sound Off!

There are no comments yet for this item.

Fall 2014 Campaign
Subscribe for free
Shop Amazon
Click here to advertise on

Recent Catholic Commentary

Could respect for the papacy mean resisting the Pope? 0 hours ago
The Church Moves On, Slowly October 24
Is Cardinal Kasper losing his grip? October 24
The Pope is not the problem October 23
Do not confuse sacramental discipline and Catholic doctrine. October 23

Top Catholic News

Most Important Stories of the Last 30 Days
Key synod report calls for 'gradualism' in Church response to irregular family situations CWN - October 13
As synod concludes, bishops issue message, approve document; Pope weighs in CWN - October 20
Cardinal Parolin: UN must protect innocents from Islamic State CWN - September 30
Synod of Bishops opens with Mass in St. Peter’s Basilica CWN - October 6