IMF Staff Country Reports

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

Publication Date:

March 2, 2006

Electronic Access:

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Summary:

This Detailed Assessment Report focuses on Anti–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.

Series:

Country Report No. 2006/084

Subject:

Anti-money laundering and combating the financing of terrorism (AML/CFT) Crime Financial institutions Legal support in revenue administration Money laundering Nonbank financial institutions Revenue administration Terrorism financing