The Vatican has earned praise from Council of Europe experts for its updated legislation against money laundering and its vigilance in flagging suspected cases.
But the committee said the effectiveness of the Vatican efforts could not be proven until Vatican courts actually prosecuted someone for a crime.
Moneyval – the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism – released a progress report on the Vatican’s efforts on December 8.
The experts said the Vatican Financial Information Authority “seemed to be working efficiently”, but although the Vatican court had frozen the assets of several accounts at the Vatican bank, “the Holy See had still not brought a money-laundering case to court.
While considerable amounts of money continued to be frozen, no criminal case had yet produced a confiscation order”, a Moneyval press statement said. (more...)
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