Italy Takes Steps to Prevent Terrorist Financing, Says FATF Report

The Financial Action Task Force (FATF) has released a report praising Italy’s efforts to prevent terrorist financing, while highlighting areas where improvements can be made.

Implementation of Anti-Money Laundering and Combating the Financing of Terrorism Measures

According to the report, Italy is largely compliant with FATF recommendations in several key areas:

• Assessing risk and applying a risk-based approach
• National cooperation and coordination
• Regulation and supervision of financial institutions

Italy has also made significant progress in implementing targeted financial sanctions related to terrorism and terrorist financing.

Areas for Improvement

However, there are some areas where Italy falls short:

• Strengthening laws and regulations regarding terrorist financing offenses
• Improving measures to prevent the misuse of non-profit organizations (considered partially compliant)

Progress Made

The report highlights several areas where Italy has made significant improvements in recent years:

• Combating money laundering and terrorist financing through its financial intelligence unit
• Cooperation with international partners

Conclusion

Overall, the FATF report concludes that while Italy still has some work to do to fully comply with AML/CTF standards, the country is making progress and has a solid foundation for further improvement.