Vatican City: In December, the Holy See is due to send a report to Moneyval, the Council of Europe’s anti-money laundering watchdog, giving an update on its progress implementing the agency’s recommendations to improve Vatican financial standards.
The report is likely to make for bleak reading in Strasbourg, but even more grim writing in the Vatican. In 2012, the Vatican agreed to comply with a set of “recommendations” from Moneyval, incorporating them into internal policies. The two bodies have issued periodic updates on the Vatican’s progress. After recent media coverage on Vatican financial scandals, it seems clear that Moneyval will be looking this year to see whether internal policies and regulatory agreements are being treated as mere “recommendations” inside some Vatican departments.
In the last month, the CNA had reported a series of allegations concerning two major Vatican investments arranged by the Secretariat of State. Although multiple senior sources across Vatican departments have consistently identified Secretariat of State, Cardinal Angelo Becciu as the driving force behind the loan, Secretary of State Cardinal Pietro Parolin took personal responsibility for the project last week, along with an attempt to offset the loan with a grant from a U.S. foundation.
Parolin’s claim, that all this was done with “fair intentions and honest means” may well be included in next month’s progress report. It is not certain whether Moneyval analysts will agree, or whether they will judge that good intentions suffice to cover policy violations. Of course, it is not all bad news. Some progress has been made, and will no doubt be highlighted, states the CNA.
