Notes on the bill on the prevention of money laundering and terrorist financing

Abstract

Whit more than two years of delay, the Government has submitted to Congress a bill to prevent money laundering and terrorist financing. Our country has been the subject of two sentences by the ECJ for failing to transpose Directives 2005/60/EC and 2005/70/EC, concerning the prevention of money laundering. Whit this Project, is carried at lasto ut of the transposition.

The text presented by the Government sets higher requirements than those established by Directive 2005/60/EC. In essence, follows the guidelines of the current system, while introducing substantial changes in relevant aspects. The law passes from 16 to 70 articles, so you can guess that comes down to details that were previously subject to statutory regulation. On the other hand covers a portion of the issues presented by the financing of terrorism, by similar methods that are seen in both threats (laundering and terrorist financing).

It attempts to coordinate the regulation of prevention with repressive legislation, contained in the penal code and integrated into the concept of money laundering, situations that were not before, or at least were discussed. While outward show, highlights the regulation is made of politically exposed persons, there are other more fundamental issues, such as enlargement of the obligated, file financial entitlements, due diligence measures and a long and so on.

This is an attempt of a comprehensive and detailed regulation, which may be a bit small voluntary and that has some flaws and technical legal concept. Trust in the wisdom and restraint of the legislatura to overcome these problems and achieve the desired result.