The Holy See (including Vatican City State) has improved its measures for tackling money laundering and combating financing of terrorism, concludes MONEYVAL in a follow-up report released today. The report found the Holy See (including the Vatican City State) to have improved its compliance with the Financial Action Task Force’s Recommendations 13 (correspondent banking), 16 (wire transfers) and 24 (transparency and beneficial ownership of legal persons). 
Since adoption of its mutual evaluation report in April 2021, the Holy See (including the Vatican City State) has made amendments to its AML/CFT (Anti-Money Laundering and combating the financing of terrorism) Law and introduced new legislation covering legal persons. It is now compliant with Recommendation 13 (previously rated as non-compliant) and only minor deficiencies remain for Recommendations 16 and 24 which are now rated largely compliant (previously rated partially compliant). 
Out of the 39 applicable Recommendations, the Holy See (including Vatican City State) currently has:
       •    35 Recommendations rated as compliant or largely compliant; and
       •    4 Recommendations rated as partially compliant
The Holy See (including the Vatican City State) is expected to report back to MONEYVAL in four years’ time on progress to strengthen its implementation of AML/CFT measures. 
MONEYVAL and the Holy See (including the Vatican City State)
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The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is a monitoring body of the Council of Europe entrusted with the task of assessing compliance with the principal international standards to counter money laundering, the financing of terrorism and the financing of proliferation of weapons of mass destruction, as well as the effectiveness of their implementation. MONEYVAL evaluates 33 states and territories  and makes recommendations to national authorities in respect of necessary improvements to their anti-money laundering and counter terrorist financing systems and to counter proliferation financing. 

• Link to the report