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Italy: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism
Author:
International Monetary Fund. Legal Dept.
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2016: Issue 043
Language:
English
Publication Date:
10 Feb 2016
DOI:
https://doi.org/10.5089/9781475539370.002
ISBN:
9781475539370
ISSN:
1934-7685
Pages:
257
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
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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.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund