Anti-money laundering, crackdown on cash transfer controls
This is envisaged in the draft of the legislative decree on cash on the agenda of Monday's CDM. Seizures will be tightened in the case of breaches of declaration obligations or if indications emerge that it could be linked to criminal activities. Heavier penalties also introduced
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Key points
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Tightening is coming on the transfer of cash in or out of the national territory, with heavier penalties, tightening of seizures and the possibility for the authorities to detain the money in case of violation of declaration obligations or if there are indications that it could be linked to criminal activities. This is foreseen in the draft of the legislative decree on cash on the agenda of Monday's BoD.
Exacerbation of seizures
.The measure, in 4 articles, makes changes to the 2000 gold market regulations and to a 2008 legislative decree on currency regulations. Concerning cash in particular, the obligation to declare for those who enter or leave the national territory with cash in an amount of EUR 10,000 or more remains: it is added that the obligation is not fulfilled not only if the information is inaccurate or incomplete, but also 'if the cash is not made available for control purposes'. A new article is then introduced, according to which 'the Customs and Monopolies Agency and the Guardia di Finanza may detain the cash' if the declaration obligations have not been fulfilled in full or in part or 'if there are indications that the cash, whether accompanied or not, regardless of the amount, could be related to criminal activities'.
Cash withholding up to 90 days
.Temporary detention, which can be ordered 'also in the case of accompanied or unaccompanied cash of less than 10,000 euro', has a maximum duration of 30 days, with a possible extension to 90 in particular cases, and is aimed at identifying 'the elements required for criminal law enforcement'.
Higher penalties
.In addition to random checks, they may also be based on risk analysis using computerised procedures. And the data and information acquired may be used for tax purposes. In addition, the threshold of at least EUR 10,000 for the seizure of cash transferred or attempted to be transferred is eliminated and the limits set for seizure are raised (the current percentages of 30 per cent and 50 per cent of the excess amount are raised to 50, 70 and 100 per cent). Seizure may also take place with 'inaccurate or incomplete' information. The amount of the seizure may not be less than EUR 900 and more than EUR 1,000,000. Finally, the penalties are also tightened, starting at a minimum of EUR 900 instead of EUR 300.
