Implementing the New Anti-Money Laundering Directive in Europe: Legal and Enforcement Issues - The Italian Case

21 Pages Posted: 23 May 2008

See all articles by Stefano Costa

Stefano Costa

ISAE, Istituto di Studi e Analisi Economica; ISTAT - Italian National Institute of Statistics

Date Written: May 2008

Abstract

In this paper a first assessment of the 2007 reform of Italian anti-money laundering (AML) law is presented. In light of the relevant literature on AML, the reform seems to improve the Italian AML framework in many ways, but there persist some drawbacks both on the legal and the enforcement side. As for the former, there are some advances in the definition of ML and the institutional framework, but a closer coordination with other specific legislations and some adjustments in the sanctions regime would be needed. On the enforcement side, the risk-based approach and the inclusion of professionals' associations among AML agents are promising, but the persisting noticeable gap in the number (and significance) of suspicious transactions reports, both across the categories of agents and the geographic areas, needs to be explored to investigate the possible influence of (polluting) environment factors hampering the implementation of the AML regulation.

Keywords: Money laundering, regulation, enforcement

JEL Classification: D82, G28, K42

Suggested Citation

Costa, Stefano and Costa, Stefano, Implementing the New Anti-Money Laundering Directive in Europe: Legal and Enforcement Issues - The Italian Case (May 2008). Paolo Baffi Centre Research Paper No. 2008-13, Available at SSRN: https://ssrn.com/abstract=1136129 or http://dx.doi.org/10.2139/ssrn.1136129

Stefano Costa (Contact Author)

ISTAT - Italian National Institute of Statistics ( email )

Via Cesare Balbo 16
00184 Rome, 0185
Italy

ISAE, Istituto di Studi e Analisi Economica ( email )

Piazza dell' Indipendenza 4
I-00185
Italy

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
603
Abstract Views
4,125
Rank
85,722
PlumX Metrics