European evaluators visit Vatican mired in financial scandal

European anti-money laundering evaluators began a periodic visit to Vatican on Wednesday amid a mounting financial scandal in tiny city-state that has cost a half-dozen people ir jobs, including one of Holy See’s most powerful cardinals. For next two weeks, Council of Europe’s Moneyval team will be checking Vatican’s compliance with international rms to fight money laundering and terror financing.

Vatican submitted to Moneyval evaluation process after it signed onto 2009 EU Monetary Convention and in a bid to shed its im as a financially shady offshore tax haven whose bank has long been embroiled in scandal. In a statement anuncing start of visit, Vatican ted that review had been agreed to in 2019, before current problems, as part of regular evaluation process to which all Moneyval members are subjected.

Moneyval has generally given Holy See positive to mixed reviews in its periodic evaluations. Its main criticism in recent years has been directed against Vatican’s criminal tribunal, which it has faulted for failing to prosecute many cases despite receiving dozens of suspicious transaction reports from Vatican’s financial watchdog.

Vatican prosecutors did last year open a corruption investigation into Holy See’s investment in a London real estate venture, but to date, one has been indicted. Vatican’s secretariat of state has sunk more than 350 million euros (nearly $400 million) into venture, much of it donations from faithful. Tens of millions of dollars were paid in fees to Italian businessmen who acted as middlemen in deal.

Last week, Pope Francis fired cardinal who helped orchestrate deal, Cardinal Angelo Becciu, who was . 2 in Vatican secretariat of state from 2011-2018, when Francis made him a cardinal and named him prefect of Vatican’s saint-making office. Becciu says Francis cited an unrelated issue in firing him: allegations that he used 100,000 euros in Holy See money to make a donation to a charity controlled by his bror. Becciu and his family have denied wrongdoing. 

(Im Credits: AP)

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