Anti-money laundering experts are set to examine the financial policies of the Vatican City State, after an agreement was reached with the Council of Europe.
The Holy See (including the Vatican City State) will participate in the mutual evaluation process of the Council of Europe anti money laundering and terrorist financing monitoring body, the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL).
On 30 December 2010, Pope Benedict XVI issued an Apostolic Letter for the ‘prevention and countering of illegal activities in the area of monetary and financial dealings,’ applying the Law of the Vatican City State concerning the prevention and countering of the laundering of proceeds from criminal activities and of the financing of terrorism also to the Holy See. The Law came into effect on 1 April 2011.
The Holy See has had permanent observer status at the Council of Europe since 1970.
