Financial Transparency Coalition

VATICAN CITY — The Vatican issued a new rule Friday requiring anyone bringing €10,000 ($14,000) or more into Vatican City to declare it, the latest initiative by the Holy See to come into compliance with international finance norms.

Switzerland has made distinct progress in its combat against money laundering. Yet there are still significant gaps. Switzerland was the trailblazer in the fight against money laundering in the 1990s, but it is now following in midfield. Implementation is still at a high level, but when it comes to the non-banking sector and the reporting of suspect cases, the Swiss Anti-Money Laundering Act (AMLA) still has considerable shortcomings. The standard is higher in the banking sector precisely because the internationally active banks must conform to more than just the Swiss AMLA. The international anti-money laundering standard is laid out...

In October 2010, the Financial Action Task Force (FATF), published a consultation paper seeking input as the organization conducts a review of its 40+9 Recommendations. Attached is the official response from the Task Force on Financial Integrity and Economic Development (Task Force).

No one is perfect. That’s why it shouldn’t come as a surprise to you that early this morning Italian authorities seized $30.18 million from a Vatican bank account for possible ties to money laundering. It should also not come as a surprise to you that the Vatican bank’s chairman and director general are now under investigation for failure to meet Italy’s anti-money laundering laws. Surprised anyway? You shouldn’t be. Here’s why. In the morning of June 21st, 1982 in London, a postal clerk on his way to work was crossing the Blackfriars Bridge when he noticed a...