Moneyval asks the Vatican to have more experts in financial crimes

In October, experts from the Council of Europe investigated the transparency of the circulation of money in Vatican territory. During the visit they even met with the Pope. 

“We have had many meetings. In them, the Vatican delegation has tried to communicate the efforts of this particular jurisdiction ”.

Now they have just released the results in a detailed report of almost 300 pages. 

There, on the one hand, they praise that the Vatican is applying the measures against money laundering or its use for terrorism. 

On the other, they say that Vatican prosecutors and police do not have enough training to deal with financial crimes. It proposes, for example, to make a protocol to prepare investigations and processes.

The report warns of the slowness of the judicial system and of possible incompatibilities of the prosecutors and magistrates, since they also exercise their functions in Italy. 

It also warns of the ease for its middle and high-level employees to abuse the system, as there is little internal control. 

This year, two former high-ranking officials of the Vatican Bank were convicted of embezzlement; and the opening of a process for possible embezzlement and misappropriation of funds reserved from the Vatican Secretariat of State seems imminent. 

The Council of Europe considers the overall result to be “positive” and that is why it will continue to regularly analyze the transparency of the Vatican’s financial system. 

Romereports.com