The report from the Council of Europe's Moneyval monitoring body also said the Vatican has prosecuted only a handful of money laundering cases in the past decade.
The report said that the judicial system had only"modest" functioning and that the sentences on prosecuted cases were so"minimal" they provided no deterrent value.
The head of the Vatican's financial intelligence authority, Carmelo Barbagallo, noted that few other countries receive such positive marks and said he considered the absence of any"low effectiveness" marks a success. The Moneyval evaluation ended before Francis took measures to address one of the major loopholes flagged by the report: that cardinals and bishops have enjoyed near-immunity from prosecution by the Vatican tribunal.
Wednesday's Moneyval report repeated that complaint, saying both the prosecutor's office and the office of the Vatican's financial intelligence unit were too short-staffed to handle the workload. It also said the personnel the Vatican did have were inexperienced in investigating and prosecuting complicated financial transactions and crimes.
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