Moneyval evaluation begins at Vatican

Vatican City, Sep 30, 2020 / 04:00 am

The Council of Europe's anti-money laundering watchdog, Moneyval, began its two-week on-site inspection of the Holy See and Vatican City Wednesday.

According to a Vatican statement Sept. 30, "the scope of this phase of evaluations" is to assess "the effectiveness of the legislative and institutional measures" adopted by the Holy See and Vatican City in recent years.

This evaluation follows Moneyval's first on-site visit to the Vatican in 2012, as well as three progress reports, the last of which was in December 2017, the statement said.

Moneyval carries out the same evaluations on all its member jurisdictions.

Carmelo Barbagallo, president of the Vatican's Financial Information Authority, described the inspection as "especially important." "Its outcome may determine how the jurisdiction [of the Vatican] is perceived by the financial community," he said on July 3.

After the 2012 visit, 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. 

The 2020 evaluation will likely be looking to see how well these recommendations have been incorporated by Vatican offices, and at the role of APSA, which functions as the Holy See treasury, sovereign wealth manager, and administers payroll and operating expenses for Vatican City.