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Implementing the new anti-money laundering directive in Europe: legal and enforcement issues; the Italian case

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  • Stefano Costa

Abstract

In this paper, a first assessment of the 2007 reform of the 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 on both the legal and the enforcement sides. As for the former, there are some advances in the definition of Money Laundering (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 professional associations among AML agents are promising, but the persisting noticeable gap in the number (and significance) of Suspicious Transactions Reports (STRs), both across the categories of agents and the geographic areas, needs to be explored to investigate the possible influence of (polluting) environmental factors hampering the implementation of the AML regulation.

Suggested Citation

  • Stefano Costa, 2008. "Implementing the new anti-money laundering directive in Europe: legal and enforcement issues; the Italian case," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 10(3), pages 284-308.
    • Handle: RePEc:ids:gbusec:v:10:y:2008:i:3:p:284-308
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    Citations

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    Cited by:

    1. Patrycja Chodnicka, 2012. "Geographical Risk Of Money Laundering In The European Banking System," Oeconomia Copernicana, Institute of Economic Research, vol. 3(3), pages 103-123, September.
    2. Bartolozzi, D. & Gara, M. & Marchetti, D.J. & Masciandaro, D., 2022. "Designing the anti-money laundering supervisor: The governance of the financial intelligence units," International Review of Economics & Finance, Elsevier, vol. 80(C), pages 1093-1109.
    3. Mario Gara & Francesco Manaresi & Domenico J. Marchetti & Marco Marinucci, 2019. "The impact of anti-money laundering oversight on banks' suspicious transaction reporting: Evidence from Italy," Questioni di Economia e Finanza (Occasional Papers) 491, Bank of Italy, Economic Research and International Relations Area.
    4. Joras Ferwerda & Ioana Sorina Deleanu & Brigitte Unger, 2019. "Strategies to avoid blacklisting: The case of statistics on money laundering," PLOS ONE, Public Library of Science, vol. 14(6), pages 1-13, June.
    5. D. Bartolozzi & M. Gara & D.J. Marchetti & D. Masciandaro, 2019. "Designing The Anti-Money Laundering Supervisor: Theory, Institutions And Empirics," BAFFI CAREFIN Working Papers 19126, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.

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