Italy Cracks Down on Money Laundering: New Legislation Imposes Severe Penalties
In an effort to combat money laundering, Italy has introduced new legislation that holds individuals and corporations accountable for their role in the illegal activity. The law, which came into effect last year, imposes severe penalties on those found guilty of money laundering, including imprisonment and fines.
Key Provisions of the New Law
- No Limitation on Types of Assets or Transactions: There is no limitation on the types of assets or transactions that can form the basis of a money laundering offence.
- No Monetary Threshold to Prosecution: There is no monetary threshold to prosecution, meaning anyone involved in illegal activities can be held accountable for their role in laundering money.
- Broad Definition of Predicate Offences: The law defines predicate offences as any intentional crime, including misappropriation, fraud, corruption, false accounting, and more. This broad definition ensures that those who engage in criminal activity are held responsible for the proceeds of their crimes.
Penalties for Individuals Found Guilty
- Imprisonment: Individuals found guilty of money laundering can face imprisonment from four to 12 years.
- Fines: Fines ranging from €5,000 to €25,000 can be imposed on individuals found guilty of money laundering.
- Forfeiture of Assets or Profits: Those found guilty may also be required to forfeit any assets or profits gained through illegal activities.
Penalties for Corporations Found Guilty
- Fines: Corporations found guilty of money laundering can face fines and disqualification from conducting business activity.
- Disqualification: Corporations may also be prohibited from receiving government financing or being involved in certain industries.
- Confiscation of Assets: Assets gained through illegal activities may be confiscated by the authorities.
Additional Consequences
- Freezing of Assets: Those suspected of money laundering can have their assets seized and frozen pending the outcome of legal proceedings.
- Disqualification from Holding Public Office or Practicing a Profession: Individuals found guilty of money laundering may also face disqualification from holding public office or practicing a profession.
International Efforts to Combat Money Laundering
Italy’s efforts to combat money laundering are part of a broader international effort to prevent and punish financial crimes. As a member of the European Union, Italy is committed to implementing measures to prevent money laundering and terrorist financing, and this new law demonstrates its commitment to these goals.
By introducing these severe penalties, Italy aims to deter individuals and corporations from engaging in illegal activities and to demonstrate its commitment to upholding the rule of law.