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Article

Financial Crime Prevention and Control

The Reforms of a ‘Unique’ Jurisdiction under EU Law and International Standards

Journal European Journal of Law Reform, Issue 4 2015
Keywords Vatican financial system, money laundering, terrorist financing, 3rd AMLD, FATF Recommendations
Authors Francesco De Pascalis
AbstractAuthor's information

    Between 2011 and 2014, the Vatican City State (VCS) experienced a reform process which dramatically changed its financial system. The process is still ongoing, and its goal is to establish an anti-money laundering and counter-terrorism financing (AML/CTF) system. Importantly, this system will be based on the AML/CTF EU legislation and international standards. These facts are noteworthy. First, the reforms cast light on the main Vatican financial institutions against the background of the secrecy that has always characterized their functioning and business operations. Accordingly, there is now more transparency and information about the Vatican financial system. Second, the relevant EU law and international standards are tools through which the VCS can, for the first time, join an international network of countries, sharing and applying the same rules against money laundering (ML) and terrorist financing (TF). This is of extraordinary importance for a jurisdiction like the VCS, which has never referred to European or international principles in its rule-making. In particular, the openness to EU law and international standards stimulates investigating the reasons behind these changes and the impact that these sources of law are having on a jurisdiction regarded as ‘unique’ in the world.


Francesco De Pascalis
PhD in Law, Institute of Advanced Legal Studies University of London; Research Fellow, University of Zurich, Law Faculty. All errors and omissions remain the author’s.
Article

Aspects of Italian Civil Law in the Recent Developments Regarding Money Laundering Regulations

Journal European Journal of Law Reform, Issue 1 2013
Keywords money laundering, preventive approach, traceability of payments
Authors Alessia Valongo
AbstractAuthor's information

    Original results have been achieved on the issue of money laundering through Italian regulations,1xG.M. Flick, ‘Riciclaggio’, in Enc. giur. Treccani, XXVII, Roma, 1991, p. 1; L. Magistro, Riciclaggio di capitali illeciti, Milano, 1991, p. 3; G. Amato, Il riciclaggio del denaro ‘sporco’, Roma, 1993, p. 17; L. Ferrajoli, La normativa antiriciclaggio, Milano, 1994, p. 3; E. Cassese, Il controllo pubblico del riciclaggio finanziario, Milano, 1999, p. 44; A. Di Amato, ‘Contratto e reato, Profili civilistici’, in P. Perlingieri (ed.), Tratt. dir. civ. Cons. Naz. Notariato, Napoli, 2003, p. 228; S. Faiella, Riciclaggio e crimine organizzato transnazionale, Milano, 2009, p. 11; R. Razzante, Il riciclaggio nella giurisprudenza, Milano, 2011, p. 43. mostly following the request of the European Community. In particular, the Decree dated 21 November 2007 n. 231, implementing two European directives (n. 2005/60/EC and n. 2006/70/EC), is the main framework, which coordinates the laws that have been passed in recent years.2xIt also has been amended by the so called “Save Italy Decree” (Decree dated 6 December 2011 n. 201, inside the Monti’s manoeuvre), which lays down urgent measures for growth and consolidation of public finances. My research is focused on the impact of the new regulations on the field of civil law, especially on contracts and obligations. The core of the paper is the involvement of the legal professionals and, in particular, of the lawyers, to the fight against money laundering. The topic also involves some problems about the protection of individual rights, such as right of transparency in the market, right to know economic and financial information, right to defense and to a fair trial, right to secrecy.

Noten

  • 1 G.M. Flick, ‘Riciclaggio’, in Enc. giur. Treccani, XXVII, Roma, 1991, p. 1; L. Magistro, Riciclaggio di capitali illeciti, Milano, 1991, p. 3; G. Amato, Il riciclaggio del denaro ‘sporco’, Roma, 1993, p. 17; L. Ferrajoli, La normativa antiriciclaggio, Milano, 1994, p. 3; E. Cassese, Il controllo pubblico del riciclaggio finanziario, Milano, 1999, p. 44; A. Di Amato, ‘Contratto e reato, Profili civilistici’, in P. Perlingieri (ed.), Tratt. dir. civ. Cons. Naz. Notariato, Napoli, 2003, p. 228; S. Faiella, Riciclaggio e crimine organizzato transnazionale, Milano, 2009, p. 11; R. Razzante, Il riciclaggio nella giurisprudenza, Milano, 2011, p. 43.

  • 2 It also has been amended by the so called “Save Italy Decree” (Decree dated 6 December 2011 n. 201, inside the Monti’s manoeuvre), which lays down urgent measures for growth and consolidation of public finances.


Alessia Valongo
Adjunct Professor, University of Perugia.

Mark Pieth
Professor, Criminal Law at University of Basel.

Mark Pieth

Armand Kersten

Valsamis Mitsilegas
Queen Mary, University of London.

Mark Pieth
University of Basel, Switzerland.
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