- The mutual evaluation report1 (MER) of the Holy See (including the Vatican City State) was adopted in April 2021. Given the results of the MER, the Holy See (including the Vatican City State) was placed in regular follow-up.
The report analyzes the progress of the Holy See (including the Vatican City State) in addressing the technical compliance (TC) deficiencies identified in its MER. Re-ratings are given where sufficient progress has been made. Overall, the expectation is that countries will have addressed most if not all TC deficiencies by the end of the third year from the adoption of their MER.
- The assessment of the request of the Holy See (including the Vatican City State) for technical compliance re-ratings and the preparation of this report were undertaken by the following Rapporteur team (together with the MONEYVAL Secretariat):
- Albania
- Section II of this report summarizes the progress of the Holy See (including the Vatican City State) made in improving technical compliance. Section III sets out the conclusion and a table showing which Recommendations have been re-rated.
- OVERVIEW OF PROGRESS TO IMPROVE TECHNICAL COMPLIANCE
- This section summarizes the progress made by the Holy See (including the Vatican City State) to improve its technical compliance by addressing the technical compliance deficiencies identified in the MER for which the authorities have requested a re-rating (Recommendation (R.)13, R.16 and R.24).
- For the rest of the Recommendations rated as partially compliant (PC) (R.6, R.7, R.8 and R.27), the authorities did not request a re-rating.
- This report takes into consideration only relevant laws, regulations or other anti-money laundering and combating financing of terrorism (AML/CFT) measures that are in force and effect at the time that the Holy See (including the Vatican City State) submitted its country reporting template – at least six months before the follow-up report (FUR) is due to be considered by MONEYVAL.3
II.1 Progress to address technical compliance deficiencies identified in the MER
- The Holy See (including the Vatican City State) has made progress to address the technical compliance deficiencies identified in the MER. As a result of this progress, the Holy See (including the Vatican City State) has been re-rated on R.13, R.16 and R.24.
- Annex A provides the description of the country’s compliance with each Recommendation that is reassessed, set out by criterion, with all criteria covered. Annex B provides the consolidated list of remaining deficiencies of the re-assessed Recommendations.
- Overall, in light of the progress made by the Holy See (including the Vatican City State) since its MER was adopted, its technical compliance with the Financial Action Task Force (FATF) Recommendations has been re-rated.
- The Holy See (including the Vatican City State) will remain in regular follow-up and will continue to report back to MONEYVAL on progress to strengthen its implementation of AML/CFT measures. Subject to application of Rule 22 of the Rules of Procedures for the 5th Round of Mutual Evaluations, the Holy See (including the Vatican City State) is expected to report back in four years’ time.
May 30, 2024 Published by The Council of Europe. (Download the PDF report)
