Vatican releases 1st report of financial watchdog - FOX13 News, WHBQ FOX 13

Vatican releases 1st report of financial watchdog

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VATICAN CITY (AP) - The Vatican has taken another step in trying to show greater financial transparency by publishing a first annual report from its new financial watchdog agency.

The report released Wednesday showed the agency received six reports of suspicious internal transactions in 2012, up from one a year earlier, and that two were sent onto Vatican prosecutors for investigation.

The 10-page report, however, makes no mention of any supervisory operations carried out in 2012 despite recommendations from international evaluators that such work - including inspections, risk assessments and regulation - is critical to fighting money laundering and terror financing.

The Vatican created the 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.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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