Financial Crimes Against Individuals in Italy: A Comprehensive Framework Takes Shape

Introduction

Italy has made significant strides in combating financial crimes against individuals by establishing a robust anti-money laundering (AML) and counter-terrorist financing (CTF) framework that aligns with international standards and best practices.

The Heart of Italy’s AML Strategy

At the core of Italy’s AML strategy is a risk-based approach, requiring reporting entities such as financial institutions and designated non-financial businesses and professions (DNFBPs) to:

• Conduct customer due diligence
• Perform enhanced due diligence for high-risk customers
• Maintain robust reporting mechanisms for suspicious transactions

Supervisory Authorities and International Cooperation

Italy’s efforts extend beyond traditional financial sectors, with a focus on addressing sector-specific risks in industries such as gaming, luxury goods, and art trading. The country is also actively engaged in international cooperation to combat cross-border money laundering activities.

Challenges and Ongoing Efforts

Despite these efforts, challenges persist, including:

• Complex legal frameworks
• Fragmented supervision
• Prevalence of cash transactions
• Organized crime
• Emerging risks associated with technological advancements

To address these challenges, Italy is committed to ongoing efforts to strengthen coordination among AML authorities, enhance resources, and promote public awareness.

Conclusion

Through continued vigilance, collaboration, and adaptation to evolving AML risks, Italy aims to uphold the integrity of its financial system and contribute to the global effort to combat money laundering and terrorist financing activities. As the country continues to evolve its AML framework, it is essential that all stakeholders remain committed to this critical mission.