Financial Crime World

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Italy’s Definition of Money Laundering

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Combating financial crimes begins with identifying individuals and financial transactions. In Italy, obligated persons are required to produce information on operations carried out under the Anti-Money Laundering legislation, including:

  • Country of origin
  • Transaction amount
  • Sender
  • Recipient
  • Reasons for transfer

This measure is crucial in countering illegal money use.

History of Money Laundering in Italy

The concept of money laundering originated in the 1930s in the United States and later in Italy. The term “money laundering” gained fame thanks to Alphonse Gabriel “Al Capone,” a Neapolitan-American Mafioso who used commercial activities like laundries and pizzerias to clean, transfer, conceal, and reintroduce illicit money.

The crime of money laundering was codified in 1930 after Capone’s conviction. Italy was one of the first countries to introduce money laundering as a criminal offense, with the Law Decree of March 21, 1978, converted into law on May 18, 1978.

Definition of Money Laundering

The Italian Criminal Code defines money laundering as multiple offenses against property and the State. According to Article 648 bis:

  • Anyone who performs acts or deeds aimed at replacing money or valuables from such offenses with money or other valuables can be punished with imprisonment from four to ten years and a fine of one million to twenty million euros.

Characteristics of Money Laundering in Italy

Money laundering in Italy includes the following characteristics:

  • Multiple offenses: it is a crime against property and the State.
  • Concrete danger: it hinders the reconstruction of the paper trail, making it difficult to discover the original criminal origin of the asset or money.
  • Predicate offense: the commission of this offense requires the commission of a previous offense (different from terrorism financing).
  • General intent of the agent: it is necessary that the agent intends and carries out the action of cleaning, concealment, and remission of the money to commit the criminal offense of money laundering.

Recent Developments in Anti-Money Laundering Legislation

In recent years, Italy has strengthened its anti-money laundering legislation. Legislative Decrees 231/2007, 90/2017, and 125/2020 have implemented EU Directives on money laundering prevention, introducing new obliged parties like digital payment services. The country is currently awaiting the transposition of the Sixth Anti-Money Laundering Directive (6AMLD).