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The Fight Against Money Laundering: the Notarial Profession Has Reported the Largest Number of Suspect Financial Operations

11/07/2011

National

The laundering of dirty money is one of the most difficult hurdles for the development of the Italian economy. According to estimates by Eurispes and Confesercenti’s usury monitoring unit, the phenomenon represents 10% of GDP – a total of between 75.7 and 110 billion euros –  as compared with the 5% worldwide estimated by the International Monetary Fund.

For years now in Italy professionals have been making a growing contribution in the struggle against money laundering and this culture is still developing rapidly amongst economic and legal operators.

A study by the Bank of Italy’s Financial Information Unit shows that, amongst the professions called upon to collaborate in fighting this phenomenon,  from 2007 to the present it is notaries who have provided the largest number of reports of suspect operations (482) .

The Notariat is working to set up additional protocols with the Guardia di Finanza [Fiscal Police] and the Interior Ministry’s Anti-Mafia Investigative Unit (DIA) to allow requests for further investigation of operations to be managed on-line in an anonymous manner.

Moreover, the Notariat is willing to host the computerised files needed by the DIA and the Ministry of Justice.

 These measures are a further step in the fight against money-laundering. 

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