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Vatican makes progress on banking reforms but more controls needed, says watchdog

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Vatican makes progress on banking reforms but more controls needed, says watchdog

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A European financial watchdog said the Vatican has made significant progress in banking reforms.

Moneyval, a Council of Europe monitoring committee, suggests the Vatican’s bank would benefit from even stronger controls, which would reduce the bank’s risk of being used for money laundering.

Pope Francis has made cleaning up the Vatican’s financial image a priority.

He has greatly increased the powers of the Financial Intelligence Authority (FIA) and has not ruled out closing the bank altogether, if it cannot be reformed.