Thursday, July 19, 2012

Vatican is ready to beef up financial regulations Mgr. Balestrero says

Monsignor Ettore BalestreroThe Under- Secretary for Relations with States and head of the Holy See delegation to the plenary session in Strasbourg, Mgr. Ettore Balestrero gives the Holy See’s interpretation of Moneyval’s findings.

Speaking in Strasbourg about the outcome of Moneyval’s assessment of the Vatican anti-money laundering system, Mgr. Ettore Balestrero Under- Secretary for Relations with States and head of the Holy See delegation to the plenary session in Strasbourg, said “in short, our aim is to strengthen the system as a whole.”

“There are seven areas within the 16 GAFI Recommendations for the tough but necessary fight against money laundering and the financing of terrorism that require special attention,” he explained.

Balestrero told journalists that “the report published today does not therefore mark the end but is a milestone in our relentless efforts to combine moral commitment with technical excellence.”    

"We have taken a definitive step to lay the foundations to a structure - a house if you will - that is to a robust and sustainable system to combat money laundering and the financing of terrorism. Now it is our wish to fully construct a building that effectively shows the Holy See’s and Vatican City State’s desire to be a reliable partner in the international community".

Balestrero expressed satisfaction at the results obtained, tempered by the awareness of what remains to be done.” But he also wished to stress that the Vatican “is not a financial centre and its financial activities are carried out in support of works of charity and religion.” “The Holy See is a recognised moral authority and has strong ties with the countries closest to it but also with those furthest from it.”

Its characteristics, the prelate said, make it a unique entity. It “has a very small territory, with a small population, a very low level of domestic crime and no market economy.”