Vatican City, Dec 16, 2015 / 00:01 am
The Council of Europe's second progress report on the reform of Vatican finances, released Tuesday, found that the Holy See has addressed many of the deficiencies in its financial system, while continuing to urge that it ramp up money laundering prosecutions.
The Dec. 15 report was released by Moneyval, the Council of Europe's anti-money laundering committee.
According to a Moneyval statement, the Holy See "has addressed most of the technical deficiencies in its legislation and regulations. However there is a need now for an anti-money laundering and counter terrorist financing system to deliver effective results in terms of prosecutions, convictions, and confiscation."
Moneyval's lengthy report notes that since the anti-money laundering system was set up, "29 money laundering investigations have been undertaken in the Holy See / Vatican City State by prosecutorial law enforcement bodies" but "no prosecutions have, as yet, been initiated."