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

This Detailed Assessment Report focuses on Antiâ€“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.

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Year of publication:	2006-03-02
Institutions:	International Monetary Fund (IMF) ; International Monetary Fund
Subject:	Combating the financing of terrorism \| Financial institutions \| Financial sector \| Financial systems \| money laundering \| law enforcement \| terrorism \| financial intermediaries \| terrorist financing \| terrorist \| suspicious transactions \| terrorism financing \| law enforcement agencies \| financing of terrorism \| organized crime \| international cooperation \| internal controls \| due diligence \| supervisory authorities \| suspicious transaction \| administrative sanctions \| competent authorities \| law enforcement information \| judicial authorities \| identification data \| criminal activity \| terrorist acts \| terrorists \| shell banks \| penal code \| foreign branches \| terrorist organizations \| predicate offence \| customer identification \| terrorist assets \| beneficial ownership \| suspicious transaction reporting \| banking relationships \| administrative liability \| transaction reporting \| business relationships \| criminal investigations \| reporting requirements \| securities firms \| prudential supervision \| supervisory authority \| transaction reports \| criminal proceeds \| internal procedures \| legal assistance \| legal entities \| share capital \| suspicious transaction reports \| financial intelligence unit \| precious metals \| civil liability \| drug trafficking \| criminal offence \| legal arrangements \| account number \| electronic money \| criminal organizations \| criminal liability \| cash transactions \| security guards \| good faith \| suspicious transaction report \| control structure \| foreign banks \| tax havens \| international terrorism \| wire transfer \| market participants \| law enforcement authorities \| enforcement powers \| predicate offences \| money laundering offence \| suspected terrorists \| enforcement authorities \| criminal records \| investigative powers \| criminal activities \| professional secrecy \| terrorism offences \| terrorist threats \| mutual evaluation \| lawful purpose \| criminal sanctions \| life insurance \| exchange information \| tax evasion \| internal organization \| control information \| adequate powers \| judicial authority \| foreign counterparts \| criminal groups \| international agreements \| criminal violations \| financial crimes \| judicial proceedings \| confiscated assets \| asset freezing \| terrorist financing cases \| frozen assets \| law enforcement bodies \| undercover operations \| complete originator information \| supervisory responsibilities \| precious stones \| money remitters \| terrorism standards \| foreign jurisdictions \| customer acceptance \| disciplinary proceedings \| law enforcement activities \| reporting obligations \| criminal purposes \| criminal investigation \| money laundering purposes \| internal auditing \| criminal prosecution \| international terrorists \| armed force \| terrorism investigations \| account opening \| money laundering requirements \| fight against terrorism \| risk management \| combating money laundering \| factual circumstances \| counter-terrorism \| anti-terrorism \| payment system \| adequate screening procedures \| shell bank \| terrorist act \| suspicious transactions reporting \| customer identification data \| laundered funds \| domestic law \| prudential regulation \| investigative techniques \| record keeping requirements \| terrorist financing requirements \| value transfer \| supervisory regime \| dual criminality \| non financial businesses \| risk categories \| police services \| integrity standards \| beneficial owners \| acts of terrorism \| risk profile \| counter-terrorism committee \| united nations security \| payment systems \| law enforcement agency \| criminal justice \| terrorist asset \| penal sanctions \| international standards \| combating money \| banking supervision \| financial crime \| false information \| criminal conviction \| terrorist incidents \| money laundering issues \| monetary instruments \| compliance officer \| financial supervision \| terrorist attack \| criminal violation \| supervisory agencies \| supervisory approach \| extradition requests \| international trade \| external auditing \| judicial investigation \| internal audit \| banking secrecy \| field office \| financial intermediary \| fictitious names \| audit function \| national security \| anonymous accounts \| evidence gathering \| supervisory bodies \| money laundering cases \| electronic surveillance \| negotiable instruments \| material change \| capital movements \| internet casinos \| money orders \| noncooperative countries \| information exchange \| terrorist bombing \| transaction records \| domestic laws \| adequate regulation \| laundering process \| illegal assets \| confidentiality requirements \| transferable securities \| confiscation of property \| unusual transactions \| conducting investigations \| terrorist organization \| dirty money \| suppression of terrorism \| anti-terrorism legislation \| security policies \| funds transfers \| intelligence community \| laundering legislation \| internal control procedures \| secrecy laws \| financial activity \| economic crimes \| asset freezing measures \| market manipulation \| securities regulation \| legal entity \| financial standards \| investigative agencies \| narcotic drugs \| terrorist groups \| terrorism legislation \| reporting suspicions

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Extent:	application/pdf
Series:	IMF Staff Country Reports.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series IMF Staff Country Reports Number 06/84 13 pages long
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005591053