Italy: Financial Sector Assessment Program: Detailed Assessment Report on Anti: Money Laundering and Combating the Financing of Terrorism

International Monetary Fund

No 2006/084, IMF Staff Country Reports from International Monetary Fund

Abstract: This Detailed Assessment Report focuses on Anti–Money Laundering and Combating the Financing of Terrorism (AML/CFT) for Italy. The assessment reveals that overall, the current AML/CFT framework in Italy is extensive and mature, and achieves a high degree of compliance with most of the Financial Action Task Force (FATF) 40 recommendations. The law enforcement efforts against money laundering have been quite successful. The AML/CFT preventive system is quite sophisticated, but needs to be updated to incorporate the new features of the revised FATF standard with respect to financial institutions and nonfinancial businesses and professions.

Keywords: ISCR; CR; AML law; criminal offence; organized crime; banking law; legislative decree; due diligence; joint stock; CFT supervision; financial institutions; holding company; Anti-money laundering and combating the financing of terrorism (AML/CFT); Terrorism financing; Money laundering; Legal support in revenue administration; Nonbank financial institutions; Southern Europe; North Africa; North America; Eastern Europe; Europe (search for similar items in EconPapers)
Pages: 139
Date: 2006-03-02
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