Italy

New Documents

Bank of Italy, Japan FSA Sign Agreement on Supervision of Cross-Border Financial Institutions

The Bank of Italy and the Japan Financial Services Agency signed a memorandum of cooperation on Dec. 23, 2020 concerning the supervision of cross-border financial institutions.

December 28, 2020

CFTC, Italy Sign MOU for Cross-Border Firm Information Exchange

The Commodity Futures Trading Commission and the Commission Nazionale per le Società e la Borsa signed a memorandum of understanding to cooperate on the supervision of cross-border firms.

December 1, 2020

Bank of Italy Governor Highlights Role of Effective Cyber Measures in Mitigating FinTech Vulnerabilities

November 30, 2020

G7 Finance Ministers, Central Bank Governors Issue Statement on Digital Payments, Ransomware

October 13, 2020

Switzerland, Italy Jointly Investigate Money Laundering by Calabrian Mafia

July 27, 2020

News

Weekly Roundup: FinCEN Fines Capital One, US Far-right Accepted Foreign Cryptocurrency, and More

Federal lawmaker wants beneficial owners behind Capitol riot identified, senior Commerzbank executive claims Wirecard fraudulently obtained loans, and more, in the weekly roundup.

January 15, 2021

Interpol, Italy Mobilize Against ‘Ndrangheta

A small, obscure crime syndicate formed more than two centuries ago in Italy’s rugged south, the ‘Ndrangheta, has grown in global prominence over the past two decades to become the only such group with an active presence on every populated continent, investigators believe.

December 28, 2020

Weekly Roundup: AML Reform Bill Clears US Senate, FinCEN Encourages Banks to Share Financial Intelligence, and More

December 11, 2020

Weekly Roundup: US Bill Targets CDD Rule, Justice Department Weighs Deal with Huawei Finance Chief, and More

December 5, 2020

Weekly Roundup: Falcon Bank Charged in Swiss 1MDB Probe, Belgium Accuses Lender of Laundering, and More

November 20, 2020

Enforcement Actions

Bank of Italy Bans ING Bank Milan Branch from New Customer Transactions Following AML Compliance Deficiencies

The Bank of Italy issued a decision requiring the Milan, Italy branch of ING Bank to refrain from engaging in transactions with new customers following a finding of shortcomings in compliance with anti-money laundering requirements.

March 18, 2019

Key Documents

Italy Implements Third EU Anti-Money Laundering Directive

November 21, 2007

Italy Enacts Law to Prevent, Combat Terrorist Financing

June 22, 2007

Bank of Italy Provides Red Flags of Suspicious Financial Transactions

December 28, 2010

Italy Criminalizes International Terrorism, Financing

November 15, 2001

Italian FIU Issues Guidelines for Reporting Suspicious Transactions

October 12, 2003

Important Facts

  • The U.S. State Department identifies Italy as a major money laundering country. Italy has a sophisticated anti-money laundering regime and legal framework. However, money-laundering risks continue to arise from activities associated with organized crime and a large, unregulated shadow economy. Drug trafficking is a primary source of income for Italy’s organized crime groups, which exploit its strategic geographic location to do business with foreign criminal organizations in Eastern Europe, China, South America, and Africa. Other major sources for money laundering include: proceeds from tax evasion and value-added tax fraud, smuggling and sale of counterfeit goods, extortion, corruption, illegal gaming, illegally disposing of hazardous waste, and loan sharking. Also, private banking, real estate transactions, gaming, the art trade, nonprofit organizations, small cash businesses and financial technologies provide large avenues for money laundering. While on the rise, customer due diligence and suspicious transaction reporting remain weak among non-financial sectors, and regulations in Italy are inconsistent. In 2019, the government published a regulation to implement new provisions on anti-money laundering and counterterrorist financing, which align the country with EU efforts. Regulations require financial institutions to apply enhanced due diligence measures in transactions involving both domestic and foreign politically exposed persons.
-Source: 2020 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 18 High : 0
Largely Compliant : 20 Substantial : 8
Partially Compliant : 2 Moderate : 3
Non-Compliant : 0 Low : 0

Italy's technical compliance was re-rated in a March 27, 2019 follow-up report

BASEL i

Rank : 99/141
Score : 4.61/10

TRANSPARENCY INTERNATIONAL i

Rank : 51/180
Score : 53/100

Tax Justice Network i

Rank : 41/133
Score : 50/100