The Holy See Receives Positive Assessment in Fight Against Money Laundering and Terrorism Financing
Exciting news from the Holy See as they receive a glowing assessment in the First “Regular Follow-up Report” by the MONEYVAL Committee of the Council of Europe. This report, focused on combatting money laundering and the financing of terrorism, marks a significant milestone in the efforts of Vatican City to comply with international financial standards.
During the 67th Plenary Meeting held in Strasbourg from May 20 to 24, 2024, the Holy See was evaluated and received positive feedback from the MONEYVAL Committee. The progress made since the initial evaluation in April 2021 has been noted and commended.
Key Findings
The report highlights the substantial progress made by the Holy See in enhancing its legal and regulatory framework. The areas of focus include the prevention and combatting of money laundering, counter-terrorism financing, and combating the proliferation of weapons of mass destruction. The improvements align with the recommendations of the Financial Action Task Force (FATF).
Positive Outcomes
The Committee’s report is overwhelmingly positive, acknowledging the diligent efforts of the Holy See over the past three years. This has resulted in an improved rating for compliance with FATF recommendations. The commitment to transparency in financial operations within the jurisdiction is evident and has led to effective collaboration among various authorities.
Future Assessments
The next evaluation of the Holy See’s technical compliance is scheduled for four years from now, as part of the “6th round of mutual evaluation” involving all jurisdictions adhering to the MONEYVAL Committee. This ongoing commitment to transparency and adherence to international standards is a testament to the dedication of the Holy See.
The positive outcome of the Regular Follow-up Report reflects the joint effort of all authorities within the Holy See and Vatican City State, showcasing their continued progress towards full financial transparency.
