“As Assopopolari, we represented in a hearing to the joint Senate Justice and Finance Commissions that, as it stands, the anti-money laundering decree scheme cannot work: indeed, it represents a very dangerous mine for the fruitful collaboration that the banking system has established with the Financial Intelligence Unit for Italy precisely because the banks are the first to be concerned about the considerable volumes of financial flows of illicit origin which poison the legal economy, threatening the integrity of the markets”. This was stated by the President of Assopopolari, Corrado Sforza Fogliani.
"But regulatory texts, in order to work, must be impeccable - he added - In the text under examination, however, there are many flaws: from the unclear definition of the connected operations, to the rule, above all, relating to late notifications, which totally ignores that many cases that must be reported are in progressive formation, so it is not possible to establish exactly the moment from which the reporting deadline starts and, in particular, whether from the beginning or from the end of the aforesaid progressive formation. With the result that the Information Unit would be flooded with precautionary reports to the detriment of their quality and with bankers and bankers being involved in possible sanctions, which would then inevitably lead to an endless dispute”.
