Italy Suspicious Transaction Reporting Recent Developments in Legislation

Italy Suspicious Transaction Reporting Recent Developments in Legislation Considered from an international and comparative perspective Italian antimoney laundering legislation appears rigorous and comprehensive. It includes general norms and aggravating circumstances for conspiracy to engage in organised and economic crime rules which oblige the financial sector to identify and report currency transactions in excess of 20 million lire approximately 6,600 and hereinafter called large currency transactions provisions punishing money laundering as a crime norms which sanction the failure to report suspicious transactions by financial intermediaries provisions prohibiting tippingoff and rules which provide for the confiscation and freezing of the proceeds of crime, which shift the burden of proof in cases where the accused fails to demonstrate the origin of the suspicious assets. The legislative structure provides, likewise, norms on sting operations, establishing an express immunity clause for undercover agents. Lastly, the legislation further defines the parameters of international judicial assistance. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Money Laundering Control Emerald Publishing

Italy Suspicious Transaction Reporting Recent Developments in Legislation

Journal of Money Laundering Control, Volume 2 (2): 5 – Apr 1, 1998

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1368-5201
DOI
10.1108/eb027185
Publisher site
See Article on Publisher Site

Abstract

Considered from an international and comparative perspective Italian antimoney laundering legislation appears rigorous and comprehensive. It includes general norms and aggravating circumstances for conspiracy to engage in organised and economic crime rules which oblige the financial sector to identify and report currency transactions in excess of 20 million lire approximately 6,600 and hereinafter called large currency transactions provisions punishing money laundering as a crime norms which sanction the failure to report suspicious transactions by financial intermediaries provisions prohibiting tippingoff and rules which provide for the confiscation and freezing of the proceeds of crime, which shift the burden of proof in cases where the accused fails to demonstrate the origin of the suspicious assets. The legislative structure provides, likewise, norms on sting operations, establishing an express immunity clause for undercover agents. Lastly, the legislation further defines the parameters of international judicial assistance.

Journal

Journal of Money Laundering ControlEmerald Publishing

Published: Apr 1, 1998

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