Financial Crime World

Italy: New Laws Strengthen Fight Against Money Laundering and Fraud

Rome - December 14-15, 2021

The Italian government has introduced two legislative decrees aimed at bolstering its anti-money laundering and fraud regulations. These new laws aim to strengthen the country’s efforts against financial crimes, align with EU directives, and ensure a safer and more secure financial environment for citizens and businesses.

The first decree introduces several new offenses related to non-cash means of payment, which can trigger corporate liability under Legislative Decree no. 231. These include:

  • Undue use and falsification of credit cards or payment cards
  • Possession and distribution of equipment aimed at committing offenses regarding non-cash means of payment
  • Computer fraud involving a transfer of money, monetary value, or virtual currency

Extension of Criminal Liability for Money Laundering Offenses

The second decree extends criminal liability for money laundering offenses to include property acquired, concealed, or re-used as a result of minor criminal offenses and non-intentional offenses. Additionally, it:

  • Increases penalties for the acquisition or possession of property deriving from criminal activity when committed during professional activity
  • Extends Italian jurisdiction to offenses of acquisition of property deriving from criminal activity and self-laundering when committed abroad by an Italian citizen

Corporate Liability and Compliance Requirements

Companies must assess their internal policies and procedures to ensure they are appropriate for preventing the commission of these new offenses, which can trigger liability under Decree 231. This includes:

  • Ensuring robust anti-fraud controls for activities involving non-cash means of payment
  • Reviewing and updating procedures adopted pursuant to Decree 231 regarding customer due diligence and assessment of suspicious transactions

Strengthening Italy’s Fight Against Money Laundering and Fraud

The implementation of these laws aims to strengthen Italy’s fight against money laundering and fraud, aligning its regulations with EU directives and ensuring a safer and more secure financial environment for citizens and businesses alike.