Global surveillance hits Rome. FATF: Italy too lenient on terrorist financing

Italy should do more to combat money laundering and prosecute those involved in financing terrorism, said the global anti-money laundering watchdog, the Financial Action Task Force (FATF). According to this institution, smaller matters are getting out of control of the authorities in Rome.

In the context of the report, announced in Paris after last year's visit to Italy, it was recalled that the government of this country has in recent years intensified its actions against international criminal gangs and terrorism financing.

However, in the FATF's assessment, Italian authorities could impose more severe penalties to deter money laundering and refer more criminal cases to courts.

The global watchdog, quoted by Reuters, stressed: “The assessment found that the Financial Guard's advanced analysis of reports of suspicious terrorist financing transactions led to a significant number of complex, separate terrorism financing investigations over the period under review.”

It was further noted that simple terrorism financing cases against persons who obtain or use their own funds or transfer small amounts to support terrorist activities are not actively pursued in Italy with the intention of referring them to the prosecutor's office.

The FATF task force said it had indicated to the Italian authorities what actions they should take over the next three years. Among them, she mentioned presenting better guidelines on the risk of money laundering for companies outside the traditional financial sector.

The Italian Ministry of Finance said in a statement that the report contained an “overall positive assessment.” The ministry noted that, compared to the previous assessment in 2016, there was a “significant strengthening of the institutional and operational framework, as well as an improvement in the capacity to detect and combat illicit financial activities.” (PAP)

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