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Report calls for Vatican financial reforms

Tuesday, July 17, 2012 - 01:37

July 18 - A European report on the Vatican's attempts to make its financial sector more transparent says the seat of the Catholic Church has to do more to reach international standards on combating money laudering and financing terrorism. Joanna Partridge reports

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The Vatican has long grappled with scandals involving its only bank. The seat of the Catholic Church has been trying to lose its image as a suspect financial centre, and make the sector more transparent. The tiny city state's sole financial institution - officially called the Institute for Works of Religion or IOR - offers financial services to religious orders around the world, Catholic charity groups and Vatican employees. A new European report says the Holy See has made some progress. But it still has to make important reforms in order to reach international standards on combating money laundering and financing terrorism. The report by a department of the council of Europe gave the Vatican negative grades on seven of the 16 so-called key and core recommendations. Vatican journalist Andrea Gagliarducci says the fails aren't that serious. SOUNDBITE: Andrea Gagliarducci, Vatican journalist, saying (English): "There are four recommendations that cannot be applied to the Vatican because it is a very peculiar state where there is no market and everything is the property of the Pope in some ways." The Vatican bank has been in upheaval since May, when its former president was ousted in a dramatic boardroom showdown over the running of the bank. Italian magistrates are still investigating money laundering charges the Vatican denies. The Vatican's goal is to be included in a so-called "white list" of countries that take adequate steps to fight financial crimes. Joanna Partridge, Reuters

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Report calls for Vatican financial reforms

Tuesday, July 17, 2012 - 01:37