News Summary: Vatican publishes financial report

News Summary: Vatican releases 1st report of financial watchdog, transparency issues remain

Associated Press

ACCOUNTABILITY: The Vatican published the first annual report from its financial watchdog agency and announced new regulations to fight money laundering and terror financing.

DETAILS: The report from the Financial Intelligence Authority showed the agency received six internal reports on suspicious transactions in 2012 and said it forwarded two to Vatican prosecutors for investigation.

LIMITATIONS: But the 10-page report made scant mention of any supervisory operations carried out in 2012. The Vatican created the oversight agency in 2010 in a bid to shed its image as a secretive tax haven and improve its reputation in global financial circles following a series of scandals at its bank.

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