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Friday, February 15, 2013

Vatican Bank

BBC
In January the Italian central bank suspended all bank card payments in the Vatican, citing its failure fully to implement anti-money laundering legislation.

The Holy See was required to meet European Union safeguards on finances by the start of 2013.

Pope Benedict has promised greater transparency in Vatican finances and the operations of its bank.

A group of experts from the Council of Europe said last year that the Vatican had made progress in reforming to meet EU standards but that a lot of work remained to be done.
I'm confused.  What is the obligation here for the Vatican?  Or is it the EU saying, "do this because I'm bigger than you"?   Click the link to read more about the Vatican Bank's newly appointed head.

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