Vatican announced EU financial crimes legislation

On October 29, 2010, the European Commission (EC) announced that the Vatican would implement EC laws against money laundering and financial fraud. The agreement was reached after Italian law enforcement officials alleged financial improprieties on behalf of the Vatican, and seized €32 million from a Vatican bank account in September 2010 for failure to disclose the source of the income. In addition to increased financial regulation in Europe, the Vatican has been forced to settle hundreds of lawsuits related to allegations of clergy abuse in the US alone.

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This Day at Law is JURIST's platform for legal history, highlighting interseting and important developments that shaped the law and the world.

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