Money Laundering In Italy

Money Laundering in Italy: What is Money Laundering?

Money laundering consists of the transformation or transfer of money derived from unlawful activities in order to conceal its criminal origin.

Under Article 648-bis of the Italian Criminal Code, money laundering occurs when someone:

• substitutes, transfers, or carries out other operations on money, goods, or other assets derived from a crime;
• with the purpose of concealing their illicit origin or assisting others in evading legal consequences.

The concept of 'transfer' includes all stages of the movement of money of criminal origin, including withdrawals or transfers of funds following previous deposits, the transfer from one bank account to another held under a different name, and the cashing of illicit checks.