A mostly positive grade for Vatican City's anti-money laundering framework may do little to allay concerns about the tiny jurisdiction among compliance departments, say Bank Secrecy Act officers.
For a territory with a population of 829, many of whom are sworn to poverty, chastity, and obedience, the Vatican has always had more than its fair share of financial intrigue. But now the 110-acre city-state, capital of the 1.2 billion-member Roman Catholic Church, is trying to reform.
A new Vatican anti-money laundering law and watchdog organization could do little to allay the concerns of European authorities about the city-state's secretive financial system, say analysts.
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