Italy: money transfer, money laundering and intermediary liability

Livio Corselli

Journal of Financial Crime, 2020, vol. 30, issue 2, 377-388

Abstract: Purpose - This paper aims to offer a general overview of money transfers in Italy and Europe focussing specifically on the migrant community. This is of particular interest because it is in that community where money transfers are most prevalent. This shows the money transfer system as a tool that could guarantee the financial inclusion of migrants but at the same time being used in a distorted and unlawful manner. Design/methodology/approach - After a brief introduction focussed on working principles and legal frameworks, the paper will go deeper in evaluating money transfer data. This data, which comes from various legal authorities, will show the extent to which different migrant communities who reside in Italy are able to carry out illicit activity using money transfers. It will also highlight the existence of legislative inconsistencies through a case by case approach. Findings - This paper shows the reason why people find it relatively easy to use money transfers to launder money or in a broader sense, take part in other illicit financial operations such as financing terrorism. Originality/value - This study will examine recent Italian criminal cases concerning the unlawful use of money transfers. This paper is the original study of the author and has not been submitted elsewhere for publication.

Keywords: Terrorism financing; Migrants; Remittances; Money dirtying; Money transfer; Suspicious transactions; Money laundering; Smurfing; Flow of values (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jfcpps:jfc-10-2019-0137

DOI: 10.1108/JFC-10-2019-0137

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