Financial Crime World

Italy Takes Steps to Improve Anti-Money Laundering and Counter-Terrorist Financing Measures

Rome, Italy - March 2019

The Financial Action Task Force (FATF) has released a follow-up report on Italy’s progress in improving its anti-money laundering and counter-terrorist financing measures. The report highlights significant improvements made by the country in addressing deficiencies identified in its previous Mutual Evaluation Report.

Key Areas of Improvement

  • Prevention of Company Misuse: Italy has implemented new laws and regulations requiring companies to maintain accurate records of their beneficial ownership.
  • Establishment of a Register of Bank Accounts: The country has established a register of bank accounts to enhance transparency and prevent the misuse of bank accounts for money laundering and terrorist financing purposes.
  • Improvement in Reporting Suspicious Transactions: Italy has implemented new regulations requiring financial institutions to report suspicious transactions, and has established a national center for the analysis of financial intelligence.

FATF Recommendations

  • R6 (Transparency and Beneficial Ownership): Italy’s technical compliance with this Recommendation has been upgraded due to improvements in its laws and regulations requiring companies to maintain accurate records of their beneficial ownership.
  • R10 (Customer Due Diligence): The country has made progress in improving its mechanisms for customer due diligence, which has resulted in an upgrade in its technical compliance with this Recommendation.
  • R24 (Beneficial Ownership): Italy’s technical compliance with this Recommendation has been upgraded due to the establishment of a register of bank accounts and improvements in its laws and regulations requiring companies to maintain accurate records of their beneficial ownership.

Next Steps

Italy will continue to be subject to regular follow-up by the FATF, which will assess the country’s progress in implementing its anti-money laundering and counter-terrorist financing measures. The full report can be accessed on the FATF website at www.fatf-gafi.org.