Vatican’s AML Review May Do Little to Address Compliance Concerns, Say BSA Officers

By Brian Monroe

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. On Wednesday, the Council of Europe disclosed a mutual evaluation report that found the sovereign city-state compliant or largely compliant in 22 of the 45 applicable standards recommended by the Paris-based Financial Action Task Force (FATF). The group found the Vatican's anti-money laundering (AML) and counterterrorist financing regime partially compliant in 14 recommendations. But Moneyval, the council's AML committee, also said that the Vatican needed to better scrutinize high-risk jurisdictions, allow for...