Italy
Last updated: 28/07/2008CENTRAL AUTHORITY FOR REPORTING
Financial Intelligence Unit (“Unità di Informazion Finanziaria”) that depends from the Bank of Italy.
ANTI-MONEY LAUNDERING REGULATOR(S)
Ministry of Treasure (“Ministero dell’Economia e delle Finanze”).
HAS THE THIRD EU MONEY LAUNDERING DIRECTIVE BEEN IMPLEMENTED? IF NOT, WHEN IS IT EXPECTED TO BE IMPLEMENTED?
The Third EU Money Laundering Directive was implemented by Legislative Decree No. 231, November 21, 2007: “Implementation of the Directive 2005/60/EC on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing as well as of the Directive 2006/70/EC providing for the executive measures”.
LIST THE LAWS REGARDING ANTI-MONEY LAUNDERING, INDICATING WHICH LAWS ARE APPLICABLE TO LAWYERS
Legislative Decree 231 of 21/11/2007.
ARE VISITING LAWYERS SUBJECT TO LOCAL LAWS REGARDING ANTI-MONEY LAUNDERING, AND, IF SO, TO WHAT EXTENT?
No information available.
LIST ANY MONEY LAUNDERING GUIDANCE FOR LAWYERS (FOR EXAMPLE, LAW SOCIETY OR BAR ASSOCIATION GUIDELINES) CURRENTLY IN PLACE
UIC Resolution dated February 24, 2006 as confirmed by the Notice of the Ministry of Treasure dated December 13, 2007 n. 125367.
IS THE LAW SOCIETY/BAR ASSOCIATION INVOLVED IN SUPERVISING OR ENFORCING COMPLIANCE WITH ANTI-MONEY LAUNDERING REGULATIONS?
Yes.
According with Article 8 of the Legislative Decree No. 231, November 21, 2007 LAW SOCIETY/BAR ASSOCIATION are involved in promoting and supervising the compliance of the lawyers with anti-money-laundering regulations.
DESCRIBE CLIENT DUE DILIGENCE REQUIREMENTS, INCLUDING WHEN IT MUST BE UNDERTAKEN BY LAWYERS
According with Article 16 of the Legislative Decree No. 231, November 21, 2007 Lawyers shall apply customer due diligence measures – listed under Article 19 of the Legislative Decree No. 231, November 21, 2007 - in the following cases:
- When carrying out transactions involving means of payment, assets or values amounting to EUR 15000 or more
- When carrying out occasional transactions amounting to EUR 15000 or more, whether the transaction is carried out in a single operation or in several operations which appear to be linked;
- When the value of the transaction is undetermined or undeterminable;
- When there is a suspicion of money laundering or terrorist financing, regardless of any derogation, exemption or threshold; and
- When there are doubts about the veracity or adequacy of previously obtained customer identification data.
According with Article 19 of the Legislative Decree No. 231, November 21, 2007 customer due diligence measures shall comprise:
- Identifying the customer and the beneficial owner, verifying their identity on the basis of documents, data or information obtained from a reliable and independent source;
- Identifying the beneficial owner - including, as regards legal persons, trusts and similar legal arrangements, taking risk-based and adequate measures to understand the ownership and control structure of the customer – at the same when identifying the customer;
- Conducting ongoing monitoring of the business relationship including scrutiny of transactions undertaken throughout the course of that relationship to ensure that the transactions being conducted are consistent with the institution's or person's knowledge of the customer, the business and risk profile, including, where necessary, the source of funds and ensuring that the documents, data or information held are kept up-to-date.
DOES YOUR COUNTRY FOLLOW A RISK-BASED APPROACH TO CLIENT DUE DILIGENCE BY LAWYERS?
Yes.
ARE THERE ENHANCED DUE DILIGENCE MEASURES FOR CERTAIN TYPES OF CLIENTS, FOR EXAMPLE, POLITICALLY EXPOSED PERSONS?
Yes.
ARE THERE SIMPLIFIED DUE DILIGENCE MEASURES FOR CERTAIN TYPES OF CLIENTS, FOR EXAMPLE, LISTED COMPANIES?
Yes.
ARE LAWYERS PERMITTED TO RELY ON THIRD PARTY DUE DILIGENCE? IF YES, PLEASE DESCRIBE.
Yes.
However, the ultimate responsibility for meeting those requirements shall remain with the lawyers which relies on the third party.
WHEN IS A LAWYER UNDER AN OBLIGATION TO REPORT SUSPICIOUS TRANSACTIONS?
According with Article 41 of the Legislative Decree No. 231, November 21, 2007 where the lawyers know, suspect or have reasonable grounds to suspect that money laundering or terrorist financing is being or has been committed or attempted.
DOES ATTORNEY/CLIENT PRIVILEGE AND/OR DUTIES OF CONFIDENTIALITY PROVIDE A DEFENCE OR PARTIAL/TOTAL EXCEPTION TO THE REQUIREMENT TO REPORT SUSPICIOUS TRANSACTIONS?
According with Article 12 of the Legislative Decree No. 231, November 21, 2007 lawyers shall not be obliged to apply the obligations laid down in Article 41 with regard to information they receive from or obtain on one of their clients, in the course of ascertaining the legal position for their client or performing their task of defending or representing that client in, or concerning judicial proceedings, including advice on instituting or avoiding proceedings, whether such information is received or obtained before, during or after such proceedings.
DOES LOCAL LAW PROVIDE ANY CRIMINAL AND/OR CIVIL INDEMNITY TO A LAWYER WHO HAS REPORTED A SUSPICIOUS TRANSACTION?
No.
ONCE A SUSPICIOUS TRANSACTION REPORT HAS BEEN FILED, IS A LAWYER ALLOWED TO PROCEED WITH THE LEGAL ADVICE/TRANSACTION, AND, IF SO, MUST CONSENT FROM AUTHORITIES BE OBTAINED FIRST?
Lawyers shall refrain from carrying out transactions which they know or suspect to be related to money laundering or terrorist financing until they have fulfilled the report obligation.
No consent must be obtained first by the Authorities.
IS THERE A TIPPING-OFF PROHIBITION? IF YES, PLEASE DESCRIBE.
Yes.
According with Article 46 of the Legislative Decree No. 231, November 21, 2007 lawyers shall not disclose to the customer the fact that information has been transmitted in accordance with Articles or that a money laundering or terrorist financing investigation is being or may be carried out.
DESCRIBE ANY RESTRICTIONS ON ACCEPTING A NEW CLIENT
No information available.
ARE THERE ONGOING MONITORING REQUIREMENTS FOR EXISTING CLIENTS? IF YES, PLEASE DESCRIBE
No information available.
DESCRIBE ANY OTHER WAYS IN WHICH LAWYERS ARE AFFECTED BY ANTI-MONEY LAUNDERING LEGISLATION
No information available.
HAVE LAWYERS IN YOUR JURISDICTION BEEN IMPLICATED IN MONEY LAUNDERING, INCLUDING ANY TYPE OF COMPLAINT, ARREST OR PROSECUTION?
No information available.
HAS THE FINANCIAL ACTION TASK FORCE (FATF) CONDUCTED A MUTUAL EVALUATION OF THIS COUNTRY, AND, IF SO, WHAT WERE THE FINDINGS CONCERNING LAWYERS’ COMPLIANCE WITH THE FATF 40+9 RECOMMENDATIONS?
No mutual evaluation has been conducted since prior to the passage of laws implementing the Third EU Directive.
Information provided by:
Avv. Michele Gioffre
Antonelli Cocuzza & Associati Studio Legale
Milan, Italy
