Vatican expected to win passing grade from European banking inspectors

July 16, 2012

European banking inspectors will give the Vatican a satisfactory rating for financial transparency, while suggesting some steps for further reform, the Reuters news service reports.

That report matches predictions made by informed sources earlier this month, when the inspectors from “Moneyval” disclosed that they had completed a preliminary report and given it to Vatican officials. The report will be made public after the Vatican has reviewed it and had an opportunity to clear up any misunderstandings.

The Moneyval inspection, which was requested by the Vatican, is a step toward ensuring that the Vatican complies with tough new European standards for documenting financial transactions, to guard against money-laundering. Like an audit, a Moneyval inspection generally produces some suggestions for improvement.

 

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Further information:

• Europe's Vatican finance report to laud reform, call for more action (Reuters)
• European banking inspectors report on Vatican procedures (CWN, 7/5)