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Originally published Wednesday, July 18, 2012 at 1:58 PM

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News Summary: Vatican passes transparency test

PASSING GRADE: A Council of Europe report showed that the Vatican received compliant or largely compliant grades on nine of the 16 "key and core" internationally recognized recommendations to fight money laundering and terrorist financing.

The Associated Press

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PASSING GRADE: A Council of Europe report showed that the Vatican received compliant or largely compliant grades on nine of the 16 "key and core" internationally recognized recommendations to fight money laundering and terrorist financing.

WHY IT MATTERS: Passing the test is seen as a milestone in the Holy See's efforts to shed its reputation for financial secrecy and scandal.

SOME AREAS FAIL: Seven areas were found lacking, particularly concerning the Vatican's financial oversight agency, created in 2010. The report found serious problems with the agency's role as a supervisor or regulator of the Vatican's finances, giving it a failing grade.

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