Mutual Evaluation of Italy

Mutual Evaluation of Italy

Mutual Evaluation Report of Italy

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An assessment of the anti-money laundering (AML) and combating the financing of
terrorism (CFT) regime of Italy was conducted based on the Forty Recommendations 2003 and the Nine Special Recommendations on Terrorist Financing 2001 of the Financial Action Task Force (FATF) and prepared using the AML/CFT Methodology 2004. The assessment considered the laws, regulations and other materials supplied by the authorities, and information obtained by the assessment team during its mission from April 4-20, 2005, and subsequently.

The assessment was conducted by a team of assessors composed of staff of the
International Monetary Fund (IMF) and experts acting under the supervision of the IMF.

Overall, the current AML/CFT framework in Italy is extensive and mature, and achieves a

  • high degree of compliance with most of the FATF 40+9. 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.
  • Equally important, more effort needs to be devoted by supervisory authorities to ensure the legal framework is effectively implemented by reporting entities.

Annexes to the Report

Mutual Evaluation Report of Italy - Annex 1 : Annexes 1 - 11

Mutual Evaluation Report of Italy - Annex 2 : Annexes 11 - 12

Mutual Evaluation Report of Italy - Annex 3 : Annexes 12 - 25

Mutual Evaluation Report of Italy - Annex 4 : Annexes 25 - 45

Mutual Evaluation Report of Italy - Annex 5 : Annexes 45 - 49

Mutual Evaluation Report of Italy - Annex 6 : Annexes 49 - 66

Mutual Evaluation Report of Italy - Annex 7 : Annexes 66 - 77

Mutual Evaluation Report of Italy - Annex 8 : Annexes 77 - 80

Mutual Evaluation Report of Italy - Annex 9 : Annexes 80 - 85

Mutual Evaluation Report of Italy - Annex 10 : Annex 85  

This mutual evaluation was conducted using the FATF Recommendations as published in October 2004, and the 2004 Methodology for Assessing Compliance with the FATF 40 Recommendations and FATF 9 Special Recommendations.

 

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