Archived_Member16
SPNer
U.S. puts Vatican on list of money-laundering countries
Michael Babad
Globe and Mail Update
Published Thursday, Mar. 08, 2012 3:51PM EST
Last updated Thursday, Mar. 08, 2012 3:56PM EST
The United States has added the Vatican to a list of money-laundering countries, though it's not among the top trouble spots.
The Holy See ranks among the regions "of concern" on the State Department list, less worrisome than those "of primary concern," but up the ladder from those "monitored."
Countries in the top list include Afghanistan and the Cayman Islands, for example. And, oops, Canada. The second tier includes Belgium and Poland, and the third Norway and Finland. That's condensing three long lists.
It's known as the International Narcotics Control Strategy Report, and a State Department official told Reuters, "to be considered a jurisdiction of concern merely indicates that there is a vulnerability to a financial system by money launderers."
She cited the hefty amount of global currency that goes through the city state.
Still, here's what the State Department report says: "While the actual money-laundering problem in jurisdictions classified as 'Jurisdictions of Concern' is not as acute as in those considered to be of 'Primary Concern,' they too must undertake efforts to develop or enhance their anti-money laundering regimes."
Of course, the list that includes Canada involves countries "that are identified, pursuant to INCSR reporting requirements, as 'major money laundering countries.'"
The Vatican recently overhauled its standards that relate to financial crimes, and, an official told Reuters, "we are happy that we have been put in the State Department's less vulnerable category."
source: http://www.theglobeandmail.com/repo...of-money-laundering-countries/article2363253/
Michael Babad
Globe and Mail Update
Published Thursday, Mar. 08, 2012 3:51PM EST
Last updated Thursday, Mar. 08, 2012 3:56PM EST
The United States has added the Vatican to a list of money-laundering countries, though it's not among the top trouble spots.
The Holy See ranks among the regions "of concern" on the State Department list, less worrisome than those "of primary concern," but up the ladder from those "monitored."
Countries in the top list include Afghanistan and the Cayman Islands, for example. And, oops, Canada. The second tier includes Belgium and Poland, and the third Norway and Finland. That's condensing three long lists.
It's known as the International Narcotics Control Strategy Report, and a State Department official told Reuters, "to be considered a jurisdiction of concern merely indicates that there is a vulnerability to a financial system by money launderers."
She cited the hefty amount of global currency that goes through the city state.
Still, here's what the State Department report says: "While the actual money-laundering problem in jurisdictions classified as 'Jurisdictions of Concern' is not as acute as in those considered to be of 'Primary Concern,' they too must undertake efforts to develop or enhance their anti-money laundering regimes."
Of course, the list that includes Canada involves countries "that are identified, pursuant to INCSR reporting requirements, as 'major money laundering countries.'"
The Vatican recently overhauled its standards that relate to financial crimes, and, an official told Reuters, "we are happy that we have been put in the State Department's less vulnerable category."
source: http://www.theglobeandmail.com/repo...of-money-laundering-countries/article2363253/
