• Home
  • FATF publishes report on AML and CFT measures in Italy
[the_ad_placement id="regtech-ads"]

FATF publishes report on AML and CFT measures in Italy

The Financial Action Task Force (FATF), an inter-governmental body that develops and promotes polices to protect the global financial system against money laundering and terrorist financing, has today published a mutual evaluation report on AML and CFT measures in Italy.

The International Monetary Fund (IMF) conducted the assessment of Italy’s anti-money laundering and counter-terrorist financing (AML/CFT) system, based on the 2012 FATF Recommendations, and using the 2013 Methodology. The assessment is a comprehensive review of the effectiveness of Italy’s AML/CFT system and its level of compliance with the FATF Recommendations.

Italy has a strong legal and institutional framework to fight ML and TF. Authorities have a good understanding of the money laundering (ML) and terrorist financing (TF) risks the country faces. There is generally good policy cooperation, coordination, and financial intelligence gathering and use. The authorities are able to successfully undertake large and complex money laundering and terrorist financing investigations and prosecutions, and beneficial ownership information is generally accessible to authorities.

There are areas where improvements are needed. Italy should enhance its ML investigative and prosecutorial action on risks associated with self-laundering, standalone money laundering, and foreign predicate offenses, and the abuse of legal persons. Italy should enhance the accessibility of relevant information and dissemination of analysis by its FIU, strengthen sanctions, and improve financial sectors’ and DNFBPs’ understanding and implementation of requirements for beneficial ownership identification.

This report was adopted by the FATF at its Plenary meeting in October 2015.

Planet Compliance

Planet Compliance is a marketplace where institutions and corporates can discover RegTech and LegalTech solutions. Planet Compliance also operates a content platform that provides information and insights on technology, regulation, compliance, finance and innovation.
[the_ad_placement id="regtech-ads"]
Share this:

Leave a Comment

Your email address will not be published. Required fields are marked *

Innovation and regulation in finance

Subscribe to our newsletter

PlanetCompliance does not claim to be exhaustive, instead we are helpful for any contribution from our users, and the content on this platform does not constitute legal advice.

Scroll to Top

Add Article

Add your article to Planet Compliance.