Italy Enhances Cooperation in Fighting Money Laundering and Terrorist Financing

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Rome - Italy has strengthened its cooperation with international partners to combat money laundering and terrorist financing, according to a report released by the Italian Financial Intelligence Unit (FIU).

Enhanced Cooperation

The FIU is responsible for collecting and analyzing financial intelligence to identify suspicious transactions and prevent illegal activities. The unit receives requests from foreign financial intelligence units (FIUs) to provide information on accounts and transactions performed by Italian customers.

Italy is a member of the Egmont Group, an association of 131 FIUs that share financial intelligence to improve cooperation in the fight against money laundering and terrorist financing. Exchange of information with foreign FIUs is subject to international standards and national law.

Domestic Programs

The report highlights Italy’s commitment to implementing domestic programs to prevent and combat money laundering and terrorist financing. Financial intermediaries, non-financial businesses, and professionals are 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.

Asset Recovery

Italy has also inserted new provisions into its criminal code allowing the seizure and return of assets related to foreign offenses. The country can assist in asset recovery by enforcing foreign orders against seized assets and initiating confiscation proceedings.

International Cooperation

The report notes that Italy has provided support for asset recovery and implemented Chapter V of the United Nations Convention against Corruption (UNCAC). The country has worked with G20 partners to adopt commitments on asset recovery cooperation and has joined multilateral initiatives such as the Stolen Asset Recovery Initiative and the Camden Asset Recovery Inter-Agency Network.

Italy has also disseminated knowledge and fostered capacity building through workshops and international seminars. In May 2012, the Bank of Italy hosted a seminar on the fight against money laundering, terrorism financing, and the misuse of payment systems.

Conclusion

The report concludes that Italy’s efforts to combat money laundering and terrorist financing are crucial in preventing illegal activities and promoting financial stability. The country’s commitment to cooperation with international partners is essential in achieving this goal.