Vatican on List of Potential Money-laundering Centers

My Fox Phoenix
March 8, 2012

http://www.myfoxphoenix.com/dpps/news/vatican-on-list-of-potential-money-laundering-centers-dpgonc-20120308-fc_18432190

Visitors at St. Peter's Basilica in Vatican City. (US Air Force)

The Vatican is potentially vulnerable to money laundering, according to a State Department report.

This is the first time the Holy See has appeared in the department's annual International Narcotics Control Strategy report, which was submitted to Congress on Wednesday.

Vatican City set up anti-money laundering programs for the first time in 2011 and it will take a year to start determining how effective they are, a State Department official told AFP on condition of anonymity.

The State Department listed the Vatican as one of its "jurisdictions of concern," which also included Egypt, Ireland, Monaco, North Korea, Syria and Yemen amongst others.

Countries in the most serious category, "jurisdictions of primary concern," which amount to a watchlist of "major money laundering countries," the report said, included the likes of Australia, Canada, Iran, Iraq, Switzerland, the UK and the US.

Read more: International Narcotics Control Strategy report (PDF)