Financial Crimes

A Joint Initiative of Assilea and UNICRI

What is it?

This portal (realized in participation with Studio Informatica) is designed to work as a reference for anyone dealing with financial transactions. It can be utilized as a point of reference for competent authorities, enabling them to be better informed in advance on the illicit activities pertaining to money, and proposing to tackle them in a uniform and harmonized manner.

This is a user-friendly information database that makes it possible to immediately identify those individuals somehow linked to those indicated by the current European Union legal framework (Dir. 2005/60; 2006/70 and Reg. 2580/2001; 881/2002; 423/2007). This can be communicated to legal authorities in accordance to the availability of sources at the time.

Therefore, the operator dealing with ambiguous or unsafe movements of money will be able to consult the database to verify if the person carrying out the transaction has a history of involvement with such operations.

The records here offered are a rigorous amalgamation of data provided by international authorities (European Union and United Nations). While this database is already available separately, it brings together a range of information to make the work of the financial industry considerably less complicated. When these entities come across as "dubious" financial transactions or movements, the origin is thus easily verifiable.

Why the Need to Control?

The inherent economic and social effects of the global community had an impact on the structure and nature of criminal networks. The collapse of the bipolar system, the dissolution of the Soviet Union, and the instant accessibility of the Internet have strengthened and enhanced the disruptive nature of criminal associations. In fact, criminal networks have been able to cross national boundaries to base and achieve their international objectives.

It is a new concept that is significantly impacting the strength, integrity and stability of financial systems through huge cash flows channeling illicit funds for the purpose of illicit activities such as money laundering and dirtying.

The Law:

As a result, the European Parliament and European Council on 26 October 2005 under Directive 2005/60/EC concerning the financial system for the purpose of money laundering.

Directive 2005/60/EC warned about these issues, and has also confirmed under whereas 5 that the laundering of proceeds from criminal activities and the financing of terrorism occur frequently at the international level. The failure to track funds, which consequently can be recycled and utilized by international criminal networks, would in effect allow the continuation of laundering activities and the financing of dangerous criminal organizations.

Without international coordination, the adoption of preventive measures alone, or the support of the national community would have a limited effect. Therefore, plans are needed in order to combat such criminal activities worldwide.

Under the same directive, a fundamental aspect of conflict is identified:

Banks, financial institutions and other private entities should be able to respond quickly to requests for information from authorities, and should have effective systems to commensurate with the size and nature of a business (Article 35).

Under the patronage of the Italian Ministry of Economic and Finance

Access the Database