VATICAN CITY
Blue and Green Tomorrow
Monday, October 28th, 2013 By Ilaria Bertini
Vatican City has been upgraded to a rating of EE for ethics from its previous EE minus, following the country’s moves to fight money laundering and make its financial operations more transparent.
The upgrade comes courtesy of Standard Ethics, an EU agency that rates countries within the Organisation for Economic Co-operation and Development (OECD) on sustainability, responsible conduct and governance.
The countries that score the highest mark – EEE – are Denmark, Iceland, Norway and Sweden. The UK is rated EEE minus, along with other EU countries such as Germany, Austria and Spain.
Vatican City used to be ranked EE minus, alongside Brazil, Mexico and Romania, but recent measures to tackle corruption and illicit funding have allowed the country to move towards a more positive EE rating.
According to Standards Ethics, the upgrading has been achieved thanks to relevant steps taken to fight terrorism funding, money laundering and illegal financial operations. In addition, one of the latest Vatican laws issued in October pushed for more transparent and controlled financial moves.
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