Click here to advertise on CatholicCulture.org

International agency upgrades Vatican’s financial rating

Catholic World News - October 28, 2013

An international rating agency has upgraded the Vatican’s ranking for ethical economic dealings.

The Brussels-based Standard Ethics agency moved the Vatican to an “EE” rating. The agency had previously ranked the Vatican as “EE-“—but had noted in July that recent financial reforms had given a “positive outlook” for the Vatican rating.

Standard Ethics announced that the Vatican has significantly reduced the openings for illegal financial transactions that could allow for money-laundering or the financing of illegal activities including terrorism. The agency applauded the new Vatican legislation toughening rules on financial disclosure and the first public report by the Vatican bank, the Institute for Religious Works.

The new rating is a boost for Vatican officials, who have been stung by criticism of the Vatican's financial standards, and an indication that reforms begun under Pope Benedict XVI and accelerated under Pope Francis are having a positive effect.

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!

Progress toward our August expenses ($14,930 to go):
$35,000.00 $20,069.98
43% 57%
Sound Off! CatholicCulture.org 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.

Subscribe for free
Click here to advertise on CatholicCulture.org

Recent Catholic Commentary

The Blessed Book of Beasts 12 hours ago
Weekend reading 21 hours ago
Frustrating the Moral Law 22 hours ago
Weep for slaughtered Christians, not for dialogue with Islam August 29
An Appointment that Francis Should Withdraw August 28

Top Catholic News

Most Important Stories of the Last 30 Days
‘A real via crucis’: Pope Francis, patriarch plead on behalf of Iraq’s Christians CWN - August 8
Hundreds of thousands of Iraqi Christians in flight as Islamic State advances CWN - August 8