Italy: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism

International Monetary Fund

No 2016/043, IMF Staff Country Reports from International Monetary Fund

Abstract: This report provides a summary of the anti-money laundering and combating the financing of terrorism (AML/CFT) measures in place in Italy as at the date of the onsite visit. It analyzes the level of compliance with the Financial Action Task Force recommendations and the level of effectiveness of Italy's AML/CFT system, and provides recommendations on how the system could be strengthened. Italy has a mature and sophisticated AML/CFT regime, with a correspondingly well-developed legal and institutional framework. Law enforcement agencies access, use, and develop good quality financial intelligence. Financial sector supervisors have been using a risk-based approach to varying degrees, but their supervisory tools could be improved.

Keywords: ISCR; CR; TF risk; organized crime; predicate offense; financial system; bank account; extremist group; PIE auditor; risk management; beneficial owner; parent company; Anti-money laundering and combating the financing of terrorism (AML/CFT); Legal support in revenue administration; Tax evasion; Corruption; Global; Europe (search for similar items in EconPapers)
Pages: 257
Date: 2016-02-10
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