March 10, 2012 in Featured
U.S. adds Vatican to money-laundering ‘concern’ list (Reuters):
The Vatican has for the first time appeared on the U.S. State Department’s list of money-laundering centres but the tiny city-state is not rated as a high-risk country.The 2012 International Narcotics Control Strategy Report was made public on Wednesday and Washington’s list of 190 countries classifies them in three categories: of primary concern, of concern and monitored.
The Vatican is in the second category, grouped with 67 other nations including Poland, Egypt, Ireland, Hungary and Chile.
It was added to the list because it was considered vulnerable to money-laundering and had recently established programmes to prevent it, a State Department official said.
“To be considered a jurisdiction of concern merely indicates that there is a vulnerability to a financial system by money launderers. With the large volumes of international currency that goes through the Holy See, it is a system that makes it vulnerable as a potential money-laundering center,” Susan Pittman of the State Department’s Bureau of International Narcotics and Law Enforcement, told Reuters.
Last year, the Vatican adapted internal laws to comply with international standards on financial crime.
The Vatican is seeking inclusion on the European Commission’s so-called “white list” of states who comply with international standards against tax fraud and money-laundering. A decision on its inclusion is expected in June.
Countries/Jurisdictions of Concern (state.gov):
of Primary Concern
|Antigua and Barbuda||Lebanon||Algeria||Moldova||Anguilla||Mali|
|British Virgin Islands||Panama||Belgium||Portugal||Cameroon||Nauru|
|Burma||Paraguay||Bosnia and Herzegovina||Qatar||Cape Verde||Nepal|
|Cambodia||Philippines||Bulgaria||Romania||Central African Republic||New Zealand|
|Cayman Islands||Singapore||Comoros||Senegal||Congo, Dem Rep of||Niue|
|China, People Rep||Somalia||Cook Islands||Serbia||Congo, Rep of||Norway|
|Costa Rica||St. Maarten||Czech Republic||Sierra Leone||Cuba||Palau|
|Curacao||Switzerland||Djibouti||Slovakia||Denmark||Papua New Guinea|
|Dominican Republic||Thailand||Egypt||St. Kitts and Nevis||Equatorial Guinea||Samoa|
|France||Turkey||El Salvador||St. Lucia||Eritrea||San Marino|
|Germany||Ukraine||Ghana||St. Vincent||Estonia||Sao Tome & Principe|
|Greece||United Arab Emirates||Gibraltar||Suriname||Ethiopia||Slovenia|
|Guatemala||United Kingdom||Grenada||Syria||Fiji||Solomon Islands|
|Guernsey||United States||Guyana||Tanzania||Finland||South Sudan|
|Guinea Bissau||Uruguay||Holy See||Trinidad and Tobago||Gabon||Sri Lanka|
|Haiti||Venezuela||Honduras||Turks and Caicos||Gambia||Sudan|
|Isle of Man||Korea, North||Liberia||Tonga|
Related Material From the Archive:
- Prosecutors Say Vatican Bank is Continuing to Facilitate Money Laundering
- U.S. State Department Money Laundering and Financial Crimes Country Database 2011
- Pope Forms Compliance Authority to Combat Money Laundering
- Vatican Bank Under Investigation For Money-Laundering
- Nazi Victims Call for Investigation into Vatican Laundering of Stolen Assets
- UK Banks Investigated for Enabling “Politically Sensitive” Money Laundering
- Solomon Islands Financial Crime & Money Laundering Risk Assessment
- Vatican Bank May Have Used Clergy as Fronts for Mafia, Corrupt Businessmen