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Vatican passes financial transparency test

The Vatican has passed a key European financial transparency test but received poor grades for the effectiveness of its new financial watchdog agency and the ability of its bank to track suspicious transactions.

The Council of Europe report released on Wednesday showed that the Vatican had received compliant or largely compliant grades on nine of the 16 "key and core" internationally-recognised recommendations to fight money laundering and terrorist financing.

But seven other areas were found sorely lacking.

The so-called Moneyval committee praises the Holy See for making so much progress in a short amount of time, but says more work needs to be done.

In particular, it says the Vatican bank, long the subject of rumour and scandal, should be independently supervised.

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Carmel Borg

Jul 18th 2012, 15:36

Whatever legislation the state of Victoria will pass in the regard of confession, rest assured that it will fail:
1) It is a sacrilege for priests to do so
2) Priests will either be persecuted or forced to leave the state
3) The above shall mean that from freedom of faith or no faith at all, one is forced to practice atheism
4) Even if priests dump their religious obligation, it will be a failure...who will confess to a priest knowing that he is obliged to report him / her

Some people talk about the Church forcing its' teaching. Hypopcrites, These non believers are trying to force us be like them!

M Cachia

Jul 18th 2012, 16:10

In other words you are suggesting that priests brerak an oath made before God, for a sacrement founded by Jesus Christ himself. I think if a state enforces this it would be tantamount to religious persecution!

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