VATICAN: MONEYVAL FIFTH ROUND AML/CFT MUTUAL EVALUATION REPORT RECOGNISES PROGRESS MADE BY VATICAN HOLY SEE

On 9 June, an article in Mirage News reported on a new report from the Council of Europe AML/CFT body which states that authorities have a generally good high-level understanding of their money laundering and financing of terrorism threats and vulnerabilities.  The Herald Malaysia carried an interview from Vatican News with the President of ASIF (the Supervisory and Financial Information Authority), Carmelo Barbagallo, who led the Vatican delegation during the evaluation process.

Effectiveness ratings can be high (HE), substantial (SE), moderate (ME), or low (LE) levels of effectiveness.  Technical compliance ratings can be compliant (C), largely compliant (LC), partially compliant (PC), or non-compliant (NC). Recommendations can be not appliable (N/A).

https://rm.coe.int/0900001680a2c80b

https://www.miragenews.com/moneyval-recognises-progress-made-by-holy-see-574572/

https://www.heraldmalaysia.com/news/barbagallo-moneyvals-positive-assessment-helps-us-to-do-better/59994/4

https://www.coe.int/en/web/portal/-/moneyval-recognises-progress-made-by-the-holy-see-and-encourages-it-to-further-strengthen-measures-to-combat-money-laundering-and-financing-of-terrori

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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