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Italy’s Efforts to Combat Money Laundering and Terrorist Financing Show Progress

Rome, Italy - In a recent follow-up report, the Financial Action Task Force (FATF) has re-rated Italy’s technical compliance with its anti-money laundering and counter-terrorist financing measures. The country has made significant progress in strengthening its framework to combat these threats.

Key Improvements

The report highlights several key improvements made by Italy, including:

  • Improved national mechanism: Italy now has a national mechanism in place to cover delays in transposing United Nations Security Council Resolutions (UNSCRs) into EU Regulations.
  • Enhanced customer due diligence: The country’s legislative framework for Customer Due Diligence (CDD) obligations has been improved, and a new Banking of the International Organization of Securities Commissions (IOSCO) Regulation is under public consultation.
  • Increased transparency: Associations and foundations are now required to keep beneficial ownership information, and a bank account register has been set up.

Technical Compliance Re-Rating

The FATF’s technical compliance re-rating reflects Italy’s progress in addressing its deficiencies. The country has been upgraded from “partially compliant” to “largely compliant” on several recommendations, including:

  • Recommendation 6 (Tipping-off and confidentiality)
  • Recommendation 10 (Customer due diligence)
  • Recommendation 24 (Beneficial ownership)

Ongoing Efforts

Despite this progress, Italy will remain in regular follow-up with the FATF to ensure continued improvement of its anti-money laundering and counter-terrorist financing measures.

The country will report back to the FATF on its progress as part of its 5th year follow-up assessment. The report emphasizes the importance of continued vigilance and cooperation to effectively combat money laundering and terrorist financing threats.

About the FATF

The Financial Action Task Force (FATF) is an intergovernmental organization that sets standards for combating money laundering, terrorist financing, and other related threats. Its members include over 35 countries and jurisdictions worldwide.