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Italy Falls Short in Implementing Anti-Money Laundering Guidelines, Says FATF Report

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A recent report by the Financial Action Task Force (FATF) has found that Italy still has some way to go in implementing its anti-money laundering guidelines. The country’s rating reflects the extent to which it has implemented the technical requirements of the FATF Recommendations.

Compliance Assessment

According to the report, Italy is largely compliant with:

• R.1: Assessing risk and applying a risk-based approach.
• However, it falls short on several other fronts, including:
  • National cooperation and coordination (R.2)
  • Confiscation and provisional measures (R.4)
  • Terrorist financing offence (R.5)
  • Financial institution secrecy laws (R.9)

Additionally, Italy is:

• Partially compliant with R.13: Correspondent banking
• Partially compliant with R.24: Transparency and beneficial ownership of legal persons
• Non-compliant with R.29: Regulation and supervision of DNFBPs

Areas for Improvement

The report highlights several areas where Italy needs to improve, including:

• Customer due diligence (R.10)
• Record keeping (R.11)
• Politically exposed persons (R.12)
• Wire transfers (R.16)
• Reporting of suspicious transactions (R.20)

Italy’s lack of progress in these areas has raised concerns about the country’s ability to effectively combat money laundering and terrorist financing.

Call for Action

The report calls on Italy to take immediate action to address these shortcomings and bring its anti-money laundering framework into line with international standards.

FATF Recommendations

The FATF Recommendations are a set of guidelines designed to help countries prevent and combat money laundering and terrorist financing. They provide a comprehensive framework for implementing effective anti-money laundering measures and are used by over 180 countries around the world.