Italy Strengthens Fight Against Money Laundering and Terrorism Financing

Enhanced Cooperation with Foreign Financial Intelligence Units

Italy has announced new measures aimed at bolstering its efforts against money laundering and terrorism financing by enhancing cooperation with foreign financial intelligence units (FIUs). The country’s Italian Financial Intelligence Unit (UIF) will now require financial institutions to search their records and provide relevant information on accounts and transactions performed by customers upon receipt of a request from a foreign FIU.

Commitment to International Standards

This initiative is part of Italy’s commitment to the Egmont Group, an association of 131 FIUs worldwide that shares financial intelligence to combat money laundering and terrorism financing. By strengthening its cooperation with foreign FIUs, Italy demonstrates its commitment to international standards and best practices in preventing these serious crimes.

Strengthened Laws Against Money Laundering and Terrorism Financing

Italy has also strengthened its laws related to anti-money laundering (AML) and combating the financing of terrorism (CFT). Financial intermediaries, non-financial businesses, and professionals are now required to submit suspicious transaction reports (STRs) whenever they suspect or have reason to suspect that money laundering or terrorist financing is being or has been carried out.

Italy has introduced new provisions for confiscation of property related to foreign offenses. The country can now seize and return assets to a foreign country where a foreign verdict provides for the seizure of such assets, as long as certain conditions are met.

Measures to Assist Countries in Asset Recovery

Italy has implemented measures to assist countries in asset recovery, including enforcing foreign orders against assets and initiating non-conviction based confiscation proceedings. These efforts demonstrate Italy’s commitment to international cooperation and its willingness to work with other countries to combat money laundering and terrorism financing.

Multilateral Initiatives and Capacity Building

Italy is a partner of the Stolen Asset Recovery Initiative (StAR) and has joined the Camden Asset Recovery Inter-Agency Network (CARIN), an informal network of contact points dedicated to improving cooperation in tackling the proceeds of crime. The country is also committed to promoting policy at the multilateral level, supporting multilateral initiatives, disseminating knowledge, and fostering capacity building.

Conclusion

“We are committed to fighting money laundering and terrorism financing, and we will continue to work closely with our international partners to achieve this goal,” said a senior official from the Italian Ministry of Justice. “Our new measures aim to enhance cooperation and strengthen our laws to prevent these serious crimes.”

Italy’s efforts have been recognized internationally, and the country is seen as a leader in the fight against money laundering and terrorism financing. The announcement comes ahead of the G20 Summit, where countries are expected to commit to strengthening their anti-corruption efforts.

Source: Italian Financial Intelligence Unit (UIF), Ministry of Justice, Italy