Financial Crime World

Here is the rewritten article in Markdown format:

ICC Cracks Down on Money Laundering: Officers Held Responsible, Transactions Under Scrutiny

=====================================================

Rome - In a major crackdown on money laundering, Italy’s International Criminal Code (ICC) has introduced new measures to hold financial institution officers responsible for facilitating illegal transactions. The ICC’s recent amendments emphasize that if an officer knows a transaction relates to proceeds from a crime, they are liable for money laundering.

Qualifying Assets and Transactions

The ICC does not restrict the types of assets or transactions that can be used as evidence in a money laundering case. This means that any asset, regardless of its value, can be considered in a prosecution. However, if the goods laundered have low value or are linked to less serious crimes, mitigating factors may apply.

Predicate Offences

The ICC defines predicate offences as intentional crimes that generate illegal proceeds. Any crime committed with intent, including fraud, corruption, and tax evasion, falls under this category. Tax crimes, in particular, were previously considered non-predicate offences, but recent case law has reversed this stance.

Defenses

There are no codified defenses against money laundering charges. Instead, defendants often rely on:

  • Lack of knowledge about the illegal origin of funds or goods
  • Argument that they did not contribute to the transaction

Resolutions and Sanctions

The ICC imposes a range of punishments for money laundering offenses, including:

  • Fines
  • Imprisonment
  • Confiscation of assets

In cases where an individual is found guilty, their assets may be seized and sold to compensate victims.

Asset Freezing, Forfeiture, Disgorgement, and Victim Compensation

Confiscation of illegal assets is mandatory in money laundering convictions. If the exact assets cannot be seized, courts can order the confiscation of equivalent assets. The ICC also allows for asset freezing during investigations, which often leads to successful prosecutions.

Limitation Periods on Money Laundering Prosecutions

The ordinary statute of limitations for money laundering offenses is 12 years from the commission of the crime. However, if an investigation is ongoing within this period, the limitation period may be extended to 15 years. If a conviction is not reached within 15 years, the case is considered time-barred.

Extraterritorial Reach of Money Laundering Law

Italian law provides for jurisdiction over money laundering offenses committed within its territory, regardless of the offender’s nationality or residence. The ICC also allows for limited extraterritorial jurisdiction in cases where a corporation has its main seat in Italy and the offense was not prosecuted abroad.

Date of Information Accuracy

The information provided is accurate as of May 25, 2020.