Vatican has to do more to reach financial transparency

Posted at 07/18/2012 6:29 PM

VATICAN CITY - A European report on the Vatican's attempts to embrace financial transparency on Wednesday said the Holy See still had to make important reforms before it could reach international standards on combating money laundering and the financing of terrorism.

As expected, the report by Moneyval, a department of the Council of Europe, said the Vatican had received negative grades on seven of the 16 so-called key and core recommendations and passing grades on the other nine.

The report, which will influence the Vatican's attempt in the future to make the white list of countries that abide by international standards, says the Vatican "has come a long way in a short period of time" and many of the "building blocks" to combat money laundering were in place but more had to be done.