We earn 8% in referral fees when you shop Amazon through our link. We make it easy! Click to learn how.
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!

Progress toward our March expenses ($33,009 to go):
$35,000.00 $1,991.25
94% 6%
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
Shop Amazon

Recent Catholic Commentary

Two links - moral relativism in elementary schools and charges of "genocide" in the Old Testament 2 hours ago
Don’t touch that Smile! Helping CatholicCulture.org by shopping on Amazon. 10 hours ago
Church Fathers: Introduction to the Greek Apologists March 1
Ad Imaginem Dei: a gem of a blog on Christian art February 28
The Complexities of Persecution February 27

Top Catholic News

Most Important Stories of the Last 30 Days
Pope Francis to address Congress in joint session in September CWN - February 5