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Euro banking examiners see 'significant progress' in Vatican reforms

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.


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