Financial Crime World

Financial Crime Definition in Italy: A Comprehensive Overview

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Italy’s legal system has a robust framework for combating financial crimes, including money laundering and terrorism financing. In recent years, the country has strengthened its laws to align with European Union regulations and international standards.

What is Money Laundering?

According to Italian legislation, money laundering is defined as:

  • The act of concealing or disguising the true nature, source, location, disposition, movement, rights with respect to, or ownership of funds or other assets derived from criminal activity.
  • This offense can be committed by anyone who receives, possesses, or hides such funds or assets, or who assists in their concealment.

Penalties for Money Laundering

The Italian Criminal Code defines money laundering as a serious crime punishable by:

  • Imprisonment ranging from two to eight years
  • A fine between €516 and €10,329
  • In cases of lesser severity, the sentence can be reduced to up to six years’ imprisonment and a fine not exceeding €516

AML/CTF Legislation in Italy

Italy’s AML/CTF legislation requires certain professionals, including:

  • Financial brokers
  • Auditors
  • Other economic operators
  • To report suspicious transactions to the Financial Information Unit of Banca d’Italia.

This includes cases where they know or suspect that money laundering or terrorism financing activities are taking place or have taken place.

Guidelines for Attorneys at Law

The Italian Bar Association has developed guidelines for attorneys at law on how to comply with AML/CTF regulations. These guidelines emphasize the importance of:

  • Reporting suspicious transactions
  • Maintaining confidentiality in professional relationships

Compliance for Foreign Attorneys at Law

For foreign attorneys at law working in Italy, it is essential to be aware of these specificities and take steps to ensure compliance with local laws and regulations.

The Financial Information Unit of Banca d’Italia provides further information on AML/CTF requirements and procedures for reporting suspicious transactions.

Important Note

While the European Council for Bar and Law (ECBA) aims to provide accurate information, it does not warrant or assume legal liability for the accuracy, completeness, or reliability of the content. This article is intended as a general overview only and should not be considered as legal advice.