Scottish Catholic Observer

The Vatican has today promised to redouble efforts against money laundering after a Council of Europe report hailed recent progress but urged tighter controls over the Vatican bank.

“The report released today is not an end, but a milestone in our continuing efforts. In regards to the actual findings, simply stated we obviously wish to strengthen the overall system,” Mgr Ettore Balestrero, who headed the Vatican’s delegation to the Council of Europe, told reporters.

“We take both the praise and criticism contained in the report with seriousness,” Mgr Balestrero (above) said, adding that remaining issues surround financial transparency ‘will be addressed expeditiously and giving proof of effectiveness.’

“It is important that the Holy See use its moral authority to raise maximum awareness about the far too frequent transnational crime of money laundering and the financing of terrorism,” he said.

The report by Moneyval, a department of the Council of Europe, was published today and will serve as the basis for a ruling by the Organisation for Economic Cooperation and Development (OECD) on whether the Vatican should be on an anti-money laundering ‘white list’ of financially transparent states.

The Vatican has passed a key European financial transparency test, but received poor grades for the effectiveness of its new financial watchdog agency and the ability of its bank to track suspicious transactions.