Italy Enacts New "White List"

On August 9, 2016 the Italian Ministry of Finance issued a Decree ("the Decree")¹ amending the list of countries that are deemed to allow for an adequate exchange of information with Italy, the so-called "White List" set out in Ministerial Decree of September 4, 1996.

The Decree has substantially expanded the list of white-listed countries: there are now 123 jurisdictions² in the White List, compared to approximately 70 previously. Pursuant to Decree No. 147 of September 14, 2015, the White List is updated every six months and, in this regard, the Decree states that jurisdictions that should turn out not to allow, de facto, for an adequate exchange of information with Italy will be subsequently removed from the White List (e.g., in case of continued violations of the cooperation obligations provided for by the double tax treaties entered into with Italy).