Vatican City State receives elevated Standard Ethics Rating
October 29, 2013: The Brussels-based Standard Ethics agency moved the Vatican to
an “EE” rating. The agency had previously ranked the Vatican as “EE-“—but had noted
in July that recent financial reforms had given a “positive outlook” for the Vatican
rating. The Standard Ethics Rating is a benchmarking tool on sustainability, social
responsibility, governance and environment.
Standard Ethics announced that
the Vatican has significantly reduced the openings for illegal financial transactions
that could allow for money-laundering or the financing of illegal activities including
terrorism. The agency applauded the new Vatican legislation toughening rules on financial
disclosure and the first public report by the Vatican bank, the Institute for Religious
Works.
The new rating is a boost for Vatican officials, who have been stung
by criticism of the Vatican's financial standards, and an indication that reforms
begun under Pope Benedict XVI and accelerated under Pope Francis are having a positive
effect