VATICAN STATE DOES NOT FOLLOW FATF GUIDELINES – BUT DOES IT MATTER?
April 1st, 2007
BY KEITH NUTHALL
WITH the accession of Cardinal Josef Ratzinger to the papal throne in 2005, some Vatican watchers have predicted a tightening of administrative procedures in the world's smallest sovereign state. The Vatican clearly has a global punch through the Roman Catholic Church, and this has raised concerns about the state's control of its banks amongst its detractors. Key amongst these is the Vatican Bank, (its formal name is the Istituto per le Opere di Religione (IOR) or Institute for Religious Works) which is not an independent central bank in the ...
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