Italy: money transfer, money laundering and intermediary liability.

Abstract

The aim of this paper is to offer a general overview of money transfers in Italy and Europe focusing specifically on the migrant community. This is of particular interest because it’s in that community where money transfers are most prevalent. This shows the money transfer system as a tool that could guarantee the financial inclusion of migrants but at the same time being used in a distorted and unlawful manner. After a brief introduction focused on working principles and legal frameworks, the paper will go deeper in evaluating money transfer data. This data, which comes from various legal authorities, will show the extent to which different migrant communities who reside in Italy are able to carry out illicit activity using money transfers. It will also highlight the existence of legislative inconsistencies through a case by case approach. This paper shows the reason why people find it relatively easy to use money transfers to launder money, or in a more broader sense, take part on other illicit financial operations such as financing terrorism. This work will examine recent Italian criminal cases concerning the unlawful use of money transfers. This paper is the original work of the author and has not been submitted elsewhere for publication.