Holy See receives positive evaluation in Moneyval follow-up report
The Holy See receives a positive assessment in the first “Regular Monitoring Report” of the MONEYVAL Committee of the Council of Europe, focused on combating money laundering and terrorist financing.
By Vatican News
According to a press release from the Holy See Press Office published Tuesday, the first “regular monitoring report” of the MONEYVAL Committee of the Council of Europe marks an important step in the Holy See's efforts to comply with international financial standards.
The report builds on the assessment carried out during the 67th plenary meeting, held in Strasbourg from May 20 to 24, 2024.
The statement highlights that “the Holy See, including the Vatican City State, received a positive assessment in the first 'regular monitoring report' of the MONEYVAL Committee”, and affirms that this marks an important step in the efforts of the Holy See to comply with international financial standards.
The MONEYVAL Committee, responsible for assessing the compliance of its member states with international standards in combating money laundering and terrorist financing, initially assessed the Holy See in April 2021. The recent monitoring report assesses the progress made since then.
Main findings
The report highlights that the Holy See has made substantial progress in strengthening its legal and regulatory framework. The Committee recognized this progress, which corresponds to the recommendations of the Financial Action Task Force (FATF). Areas of intervention included:
- Prevention and fight against money laundering: Strengthened legal measures and provisions have been put in place to prevent and combat money laundering activities.
- Financing the fight against terrorism: Enhanced protocols and compliance measures to detect and prevent terrorist financing.
- Fight against the proliferation of weapons of mass destruction: Updated regulations to prevent financing of the proliferation of weapons of mass destruction.
Positive results
The Committee's report is generally positive, commending the Holy See for its diligent efforts over the past three years. These advances, he asserts, have led to a better assessment of the Holy See's compliance with FATF recommendations.
The report, published on the institutional website of the MONEYVAL Committee, confirms the commitment of the Holy See to maintaining and strengthening the transparency of financial operations. This positive assessment highlights the effective collaboration between the different authorities within the jurisdiction.
Future assessments
The Holy See’s next technical compliance assessment is scheduled in four years. This next evaluation will probably be part of the “6th round of mutual evaluation” involving all jurisdictions adhering to the MONEYVAL Committee.
Commitment to transparency
The Holy See's continued improvements reflect its commitment to full financial transparency and compliance with international standards, the statement noted, adding that the positive result of the regular monitoring report testifies “to the joint work of all authorities of the jurisdiction and in continuity with the process of full financial transparency in which the jurisdiction of the Holy See (including the Vatican City State) is engaged.
