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Money Laundering Detection in Italy Gets a Boost with New Decrees

Strengthening Anti-Money Laundering Laws and Combating Fraud

Two new decrees have entered into effect in Italy, aimed at strengthening anti-money laundering laws and combating fraud and counterfeiting of non-cash means of payment. The Italian Legislative Decree no. 184 and Legislative Decree no. 195, which came into force on December 14 and 15, 2021 respectively, introduce significant changes to the country’s criminal code and corporate liability regulations.

Implementing EU Directives

The decrees implement EU Directives aimed at combating fraud and counterfeiting of non-cash means of payment, as well as money laundering by means of criminal law. They expand the scope of anti-money laundering offenses and introduce new crimes related to non-cash means of payment that can trigger corporate liability under Legislative Decree no. 231.

Key Changes

  • Companies in Italy must assess whether their organizational models need to be updated to comply with the new regulations.
  • A maximum fine of €1,239,200 and disqualifying measures for offenses relating to non-cash means of payment are now applicable.
  • Criminal liability is extended for money laundering offenses when the property acquired, concealed or re-used derives from minor criminal offenses or non-intentional offenses.

Compliance Requirements

To comply with the new regulations, companies must:

  • Ensure they have robust anti-fraud controls in place for activities involving non-cash means of payment.
  • Assess their internal policies and procedures to prevent money laundering offenses.
  • Review and update their procedures adopted pursuant to Decree 231 with regards to customer due diligence and assessment of suspicious transactions.

Importance of Compliance

The new decrees are a significant step forward in Italy’s efforts to combat money laundering and fraud, and companies must take immediate action to ensure compliance and avoid potential liability. Failure to comply may result in severe penalties and damage to the company’s reputation.