Italy Activates Network to Combat Money Laundering and Terror Financing

Italy has launched a network of corresponding foreign authorities to combat money laundering and the financing of terrorism, enhancing international cooperation in the fight against these crimes.

Key Players and Roles

• The Financial Intelligence Unit (UIF) plays a key role in this effort, activating dedicated channels for exchanging information with foreign Financial Intelligence Units (FIUs).
• The UIF also has powers of inspection to check compliance with reporting obligations and acquire specific data and information.
• Sectoral supervisory authorities, such as the Bank of Italy, IVASS, and Consob, oversee the issuance of regulations in their respective areas of jurisdiction and exercise powers of sanction.
• Self-regulatory bodies promote and monitor compliance with anti-money laundering obligations among professionals enrolled in their lists and registers.

Analysis and Transmission of Suspicious Transactions

• The UIF analyzes suspicious transaction reports and transmits them to investigative authorities, including the Anti-Mafia Investigation Department (DIA) and the Special Foreign Exchange Unit of the Finance Police (NSPV).
• The NSPV also conducts checks on non-supervised obliged entities and cooperates with the UIF as needed.

National Cooperation

• Legislation governs national cooperation among authorities, establishing a principle for creating information synergies to make it easier to detect facts and situations that can be used to prevent money laundering or terrorism financing.
• Communication procedures are in place between the UIF and investigative bodies, including the National Anti-Mafia Directorate (DNA).

International Cooperation

• The UIF has activated a Portal for exchanging information with judicial authorities and investigative bodies, ensuring complete dematerialization of requests and responses.
• International cooperation is further enhanced through dedicated and protected channels for exchanging information with foreign FIUs, enabling tracing of transnational financial flows of illicit origin and facilitating international judicial cooperation.

Sanctions System

• A complex system of criminal and administrative sanctions governs compliance with obligations.
• The sanctions system has been fully amended to include effective, proportionate, and dissuasive measures against natural persons, legal persons, and management bodies that facilitate or make possible violations.

International Recognition

• Italy’s efforts to combat money laundering and terrorism financing have received international recognition, demonstrating the country’s commitment to preventing these serious crimes.