The Vatican's ethical outlook for Standard Ethics is "positive". Already because even the Vatican City State (Scv) has its sustainability rating issued by the agency led by the economist Jacopo Schettini Gherardini for the first time in February with EE- (halfway between the least virtuous, E-, and the more virtuous EEE). And today it has earned a positive outlook that heralds a possible future improvement in the rating thanks to the recent changes introduced by Pope Francis which culminated yesterday with the strengthening of criminal sanctions on crimes against children and the abolition of life imprisonment.
“The very recent provisions in the financial and transparency sector – comments Standard Ethics – openly move in the direction of the 2003 United Nations Convention against corruption, and also introduce interesting legislative innovations on the administrative liability of legal persons, dutiful adjustments in the case of against minors, valid reinforcements of international cooperation and judicial assistance".
In fact, at the time of issuing the rating a few months ago, Standard Ethics had highlighted critical issues in the transparency and reporting of finances and financial institutions (see the 2010 laws implementing the Monetary Agreement between the Scv and the European Union of 17 December 2009) and the moment of transition of the internal legislation on the abuse of minors (refer to the recent changes in the Normae de gravioribus delictis). However, all the points highlighted have been the subject of recent interventions culminating in the adoption of the reforms announced yesterday.
Thus the rating agency, which takes into account the formal distinction between the SCV and the Holy See and its particular institutional tradition, positively assessed the incisiveness of the legislation, deeming the modernization process convincing.
Furthermore, today the Vatican promoter of justice (the counterpart of an Italian prosecutor) has ordered the freezing of funds held in the name of the IOR by mgr. Nuncio Scarano, investigated by two Italian prosecutors in relation to suspicious transactions. "The IOR - reiterated Father Federico Lombardi, director of the Holy See Press Office - is following a clear line of systematic identification and zero tolerance towards all those activities that are illegal or extraneous to the Statutes of the Institute, whether they are conducted by laymen or clergy".
