Vatican approves financial transparency law

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Vatican approves financial transparency law

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The Vatican has responded to the international community’s demands for change, by passing a law to make its public finances fully transparent.

A 2012 report by Moneyval, the Council of Europe’s anti-money laundering committee, said that more needed to be done to improve standards.

Archbishop Dominique Mamberti, the Vatican’s foreign minister, said the law would move the Vatican one step closer to meeting the standards set by the committee.

The new law covers the state’s bank and other financial departments, and forms part of Pope Francis’ campaign to improve the Vatican’s financial reputation.