Holy See receives positive evaluation in Moneyval follow-up report

By Vatican News

According to a statement by the Holy See Press Office released on Tuesday, the First "Regular Follow-up Report" by the MONEYVAL Committee of the Council of Europe, marks a significant milestone in the Holy See's efforts to comply with international financial standards.

The report was based upon the evaluation conducted during the 67th Plenary Meeting, held in Strasbourg from May 20 to 24, 2024.

The statement points out that “The Holy See, including Vatican City State has received a positive assessment in the First "Regular Follow-up Report" by the MONEYVAL Committee,” and says it marks a significant milestone in the Holy See's efforts to comply with international financial standards.

The MONEYVAL Committee, responsible for assessing the compliance of its member states with international standards to combat money laundering and the financing of terrorism, initially evaluated the Holy See in April 2021. The recent follow-up report evaluates the progress made since then.

Key findings

The report highlights that the Holy See has made substantial progress in enhancing its legal and regulatory framework. The Committee recognized these advancements, which align with the recommendations of the Financial Action Task Force (FATF). The focus areas included:

• Prevention and Combatting of Money Laundering: Strengthened measures and legal provisions have been put in place to prevent and address money laundering activities.
• Counter-Terrorism Financing: Enhanced protocols and compliance measures aimed at detecting and preventing the financing of terrorist activities.
• Combating the Proliferation of Weapons of Mass Destruction: Updated regulations to prevent the financing of the proliferation of weapons of mass destruction.

Positive Outcomes

The Committee's report is broadly positive, commending the Holy See for its diligent efforts over the past three years. The advancements, it says, have led to an improved rating for the Holy See's compliance with FATF recommendations.

The report, published on the institutional website of the MONEYVAL Committee, confirms the Holy See's commitment to maintaining and enhancing transparency in financial operations. This positive evaluation underscores the effective collaboration between the various authorities within the jurisdiction.

Future assessments

The next evaluation of the Holy See's technical compliance is scheduled for four years from now. This upcoming assessment will likely be part of the "6th round of mutual evaluation" involving all jurisdictions adhering to the MONEYVAL Committee.

Commitment to transparency

The Holy See's continuous improvements reflect its dedication to full financial transparency and adherence to international standards, the statement notes, adding that the positive outcome of the Regular Follow-up Report testifies to “the joint work of all the 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.”