Friday, April 8, 2011

The Council of Europe to the Vatican to investigate money laundering

The Council of Europe, through the Committee of Experts on the Evaluation of Measures to Combat Money Laundering and Terrorism Financing (Moneyval) will examine the finances of the Vatican, at the request of the Holy See. The Committee of Ministers of the Council of Europe has adopted a resolution accepting Moneyval research in the Vatican "with immediate effect." Pope Benedict XVI issued last December 30 in an apostolic letter which referred to the "prevention and combating illegal activities in the area of monetary and financial relations." In addition, the Pope referred to the law of the Vatican City on the prevention and combating the laundering of proceeds from criminal activities and terrorist financing, which came into force on 1 April.

The report of the Council of Europe will be public and its findings and recommendations will be monitored by Moneyval. The Holy See's permanent observer to the Council of Europe since 1970. Moneyval evaluates to 28 Member States of the Council of Europe (almost all the eastern European) as well as Israel.

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