A European watchdog has put the Vatican on notice to prosecute those suspected of financial crimes now that the city-state has brought its laws on money laundering and terrorist financing in line with international standards.

“‘The Vatican ‘needs to deliver some real results on the prosecutorial side,’ said a report published Tuesday (Dec. 15) by the Council of Europe’s Moneyval committee. Nobody has yet been prosecuted under a 2013 Vatican anti-money-laundering law.

“The committee praised the ‘intensive review process’ at the scandal-plagued Vatican bank. The bank has closed around 4,800 accounts, in some cases because a client’s profile didn’t conform with the bank’s stated mission to serve ‘works of religion.'”

By Massimo Faggioli, The Wall Street Journal — Click here to read the rest of this story.