Italy

Member since 1990

Since the assessment of the effectiveness of Italy's measures to combat money laundering and terrorist financing and their compliance with the FATF Recommendations, the country has taken action to further strengthen its measures.  Italy has made good progress in establishing the legal, regulatory and operational framework required by the FATF. Today, it is partially compliant on only 2 of the 40 Recommendations. Italy will continue to report back to FATF on its progress.

Italy's progress in strengthening measures to tackle money laundering and terrorist financing

27 Mar 2019

This report analyses Italy's progress in addressing the technical compliance deficiencies identified in the 2015 assessment of the country's measures to combat money laundering and terrorist financing. The report also looks at whether Italy has implemented new measures to meet the requirements of FATF Recommendations that changed since the mutual evaluation.

Useful links

Lead Ministry/Authority in the FATF Delegation

Observer to:

Ratings

Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

Italie Rapport de suivi - 2019

R.1 - Assessing risk & applying risk-based approach
C
R.2 - National cooperation and coordination
LC
R.3 - Money laundering offence
LC
R.4 - Confiscation and provisional measures
C
R.5 - Terrorist financing offence
C
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
LC
R.7 - Targeted financial sanctions related to proliferation
PC
R.8 - Non-profit organisations
LC
R.9 - Financial institution secrecy laws
C
R.10 - Customer due diligence
LC
R.11 - Record keeping
C
R.12 - Politically exposed persons
LC
R.13 - Correspondent banking
PC
R.14 - Money or value transfer services
C
R.15 - New technologies
LC
R.16 - Wire transfers
C
R.17 - Reliance on third parties
LC
R.18 - Internal controls and foreign branches and subsidiaries
LC
R.19 - Higher-risk countries
C
R.20 - Reporting of suspicious transactions
C
R.21 - Tipping-off and confidentiality
LC
R.22 - DNFBPs: Customer due diligence
LC
R.23 - DNFBPs: Other measures
LC
R.24 - Transparency and beneficial ownership of legal persons
LC
R.25 - Transparency and beneficial ownership of legal arrangements
LC
R.26 - Regulation and supervision of financial institutions
C
R.27 - Powers of supervisors
C
R.28 - Regulation and supervision of DNFBPs
LC
R.29 - Financial intelligence units
C
R.30 - Responsibilities of law enforcement and investigative authorities
C
R.31 - Powers of law enforcement and investigative authorities
C
R.32 - Cash couriers
LC
R.33 - Statistics
LC
R.34 - Guidance and feedback
LC
R.35- Sanctions
C
R.36 - International instruments
C
R.37 - Mutual legal assistance
LC
R.38 - Mutual legal assistance: freezing and confiscation
LC
R.39 - Extradition
C
R.40 - Other forms of international cooperation
C

C = compliant   |   LC = largely compliant     |   PC = partially compliant   |   NC = non-compliant

Effectiveness

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Italie Rapport de suivi - 2019

IO1
SE
IO2
SE
IO3
ME
IO4
ME
IO5
SE
IO6
SE
IO7
SE
IO8
SE
IO9
SE
IO10
ME
IO11
SE

HE = high level of effectiveness   |   SE = substantial level of effectiveness    |   ME = moderate level of effectiveness   |   LE = low level of effectiveness

Related publications

  • 27 Mar 2019

    Italy's progress in strengthening measures to tackle money laundering and terrorist financing This report analyses Italy's progress in addressing the technical compliance deficiencies identified in the 2015 assessment of the country's measures to combat money laundering and terrorist financing. The report also looks at whether Italy has implemented new measures to meet the requirements of FATF Recommendations that changed since the mutual evaluation.
  • 9 Feb 2016

    Italy's measures to combat money laundering and terrorist financing Italy has a strong legal and institutional framework to fight money laundering and terrorist financing and authorities have a good understanding of the risks the country faces. There are areas where improvements are needed such as its money laundering investigative and prosecutorial action on risks associated with self-laundering, standalone money laundering, and foreign predicate offences, and the abuse of legal persons.
  • 23 Oct 2015

    Outcomes of the FATF Plenary meeting, Paris, 21-23 October 2015 During the first Plenary under the Korean Presidency, the FATF focused on terrorist financing, the top priority for the FATF. Among other issues it discussed were the mutual evaluation report of Italy and the adoption of a number of reports, including a guidance for the effective supervision and enforcement of the financial sector and Money Laundering through the Physical Transportation of Cash. The FATF also updated its statements identifying high-risk and non-cooperative jurisdictions.
  • 16 Oct 2015

    FATF Plenary week from 17 October to 23 October 2015 Terrorist financing is high on the agenda for the FATF Plenary week. This will be the first Plenary meeting under the Korean Presidency of Mr. Je-Yoon Shin.
  • 22 Feb 2013

    Biennial Update to the Mutual Evaluation of Italy In accordance with the procedures established by FATF, Italy has provided an update on the main legislative developments and the measures adopted to address the deficiencies identified in their mutual evaluation report.
  • 2 Oct 2012

    FATF Annual Report 2011-2012 Under the Presidency of Giancarlo Del Bufalo of Italy, the FATF adopted new international standards on combating money laundering, the financing of terrorism and the financing of proliferation of weapons of mass destruction and a new eight-year mandate for the FATF, until 2020.
  • 18 Feb 2011

    First Biennial Update to the Mutual Evaluation of Italy This first biennial report was submitted by Italy to the FATF Plenary provides information on the action undertaken to improve compliance with the FATF Recommendations.
  • 9 Feb 2009

    Follow-up Report to the Mutual Evaluation of Italy The Follow-up Report for the Third Mutual Evaluation of Italy. The FATF recognizes that Italy has made significant progress and that Italy should henceforward report on a biennial basis on the actions it will take in the AML/CFT area.
  • 28 Feb 2006

    Mutual Evaluation of Italy This Detailed Assessment Report on anti-money laundering and combating the financing of terrorism for Italy was prepared by the International Monetary Fund. The report assesses compliance with the FATF 40+9 Recommendations and uses the assessment methodology adopted by the FATF in February 2004 and endorsed by the Executive Board of the International Monetary Fund in March 2004. The report was adopted as an FATF Mutual Evaluation by the FATF in October 2005.
  • 1 Jul 1997

    FATF Annual Report 1996-1997 During the eight Plenary year of the FATF, under the Italian Presidency, the FATF conducted a broad-ranging review of money laundering trends and techniques.