MONEYVAL evaluation report on the Holy See

11 Sep 2012

The Council of Europe’s Committee of experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) has published (https://wcd.coe.int/ViewDoc.jsp?Ref=DC-PR079(2012)&Language=lanEnglish&Ver=original&Site=DC&BackColorInternet=F5CA75&BackColorIntranet=F5CA75&BackColorLogged=A9BACE&intEmailHistoryId=778390&intEmailListId=133&intEmailId=60099&intExternalSystemId=1) its first evaluation report (http://www.coe.int/t/dghl/monitoring/moneyval/Evaluations/round4/MONEYVAL(2012)17_MER_HS_en.pdf) of the Holy See (including Vatican City State). The report evaluates the implementation of international and European standards to combat money laundering and terrorist financing as at November 2011 but takes into account developments up to 25 January 2012. The report concludes that the Holy See has come a long way in a very short period of time to providing the building blocks of a regime to counter money laundering and combat terrorist financing (AML/CFT regime), however, further important issues need to be addressed in order to demonstrate that the regime is fully effective and has been properly implemented. MONEYVAL will continue to monitor implementation of its recommendation. The Holy See is required to submit a progress report within one year.