Challenge Grant: Our Boosters will match donations up to $45,000. We have $37,946 to go. Please donate!
Click here to advertise on CatholicCulture.org

Euro banking examiners see 'significant progress' in Vatican reforms

Catholic World News - December 09, 2013

European banking examiners have issued a favorable report on the progress of reforms at the Vatican bank.

Moneyval, the agency set up by the Council of Europe to combat money-laundering, has completed a review of the Institute for Religious Works (IOR), and indicated satisfaction with changes at the bank and in other Vatican financial affairs. The Moneyval assessment reports “significant progress” in standards of financial transparency and efforts to combat money-laundering and the financing of terrorism.

Last year Moneyval acknowledged that the Vatican had made progress in ensuring financial accountability, but pointed to the need for major improvements in some areas. This year’s follow-up report, approved by Moneyval on December 8, pointed to new Vatican regulations, establishing papal commissions to supervise financial affairs and enhancing the authority and independence of the Financial Information Authority, as major improvements. The positive report from Moneyval is a boost to the IOR and to Vatican financial officials, who are still laboring to overcome the perception that the Vatican has lax accounting practices, and to ensure that the Vatican qualifies for treatment as a secure partner in banking transactions.

The full text of the Moneyval report will be made public later this week.

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 ($126,475 to go):
$150,000.00 $23,524.70
84% 16%
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.

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

Recent Catholic Commentary

The Pope is not the problem 1 hours ago
Do not confuse sacramental discipline and Catholic doctrine. 3 hours ago
Ignatius Press into the Breach: Trumping the Kasper Proposal October 22
Has the Vatican finally discovered how to avoid inaccurate English translations? October 22
The Synod: It's a Wrap! October 21

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