Featured Italy

Banks face new challenges in Italian diamond scandal

A long-running criminal probe into diamond sales by Italian banks has uncovered what prosecutors say is further evidence of corruption by officials at UniCredit, Italy’s largest lender, and smaller rival Banco BPM. The allegations, some previously unreported, are laid out in documents used by prosecutors when they sought a magistrate’s… Read More

UBS switches stance with plan to offer $113 million tax settlement in Italy

UBS looks set to agree a 100 million euro ($113 million) settlement of a money laundering and tax case in Italy within the next few weeks, according to people familiar with the matter, in contrast to a similar case in France. Switzerland’s biggest bank is battling a number of court… Read More

Strife-ridden Italian coalition faces showdown over graft case

Italy’s anti-establishment 5-Star Movement piled pressure on its government partner the League on Sunday to dump a junior minister under investigation for corruption, in a case that could pull the coalition apart. Relations between 5-Star and the far-right League have grown increasingly fraught in the run-up to European Union parliamentary… Read More
3rd May 2019
Italian Prime Minister Giuseppe Conte said on Thursday he would propose at the next cabinet meeting the dismissal of a junior minister who has been linked to a graft scandal, in what could be seen as a blow to the coalition partner League. Armando Siri, a transport ministry undersecretary and… Read More
16th April 2019
A UniCredit Group affiliate bank will plead guilty to US federal and state criminal violations and pay $1.3 billion to regulatory and prosecutorial agencies to resolve breaches of sanctions against Iran and other nations, officials disclosed. Under terms of a non-prosecution agreement with the US Justice Department, the group’s German… Read More
20th March 2019
Prosecutors in Milan have begun a formal investigation into alleged money laundering involving Dutch bank ING Groep NV’s Italian business, a source close to the matter said. ING had no immediate comment on Tuesday on the investigation, which was launched after prosecutors received requests for assistance from other European countries,… Read More
18th March 2019
The Italian central bank on Saturday said Dutch lender ING is not allowed to take on new customers in Italy as long as it has not improved its monitoring of client behavior. The measure follows inspections by Banca d’Italia from October last year until the beginning of 2019, which showed… Read More
11th March 2019
An Italian appeals court has ruled it cannot hear a case against Morgan Stanley in a derivatives case which included a request for 2.7 billion euros ($3 billion) in damages from the U.S. bank. The ruling, seen by Reuters in a document filed on Thursday, confirms a decision taken in… Read More
13th February 2019
Police in France and Italy have swooped in on suspected members of a gang that operated a ‘complex’ network which involved moving dirty cash to Algeria from Europe. The criminal cash flows are estimated at €5 to €7 million per month. “Money originating mainly from drug trafficking and tax evasion… Read More
8th January 2019
Up to 47 properties and numerous vehicles were seized in a police crackdown on a drug dealers’ network which involved investing drug money in the property market. In a joint operation between police in Spain, Italy, Argentina and Europol, almost 50 suspects were arrested regarding the gang’s activities, which… Read More
4th January 2019
Thieves used mechanical diggers on Wednesday to prise open an armoured van on a highway in southern Italy and made off with more than 2 million euros (£1.8 million pounds) in cash, police said. The blue security van had left the city of Bari and was carrying pensions to be… Read More
12th December 2018
Police said they were carrying out searches on Tuesday linked to 25 suspected accomplices of Matteo Messina Denaro, a Sicilian mafia boss who has been on the run for more than two decades. The Carabinieri force said it had also detained another important member of the island’s mafia group, who… Read More
6th December 2018
AP — In an investigation that underscored an Italian crime syndicate’s role as a leading player in international cocaine trafficking, police in four countries arrested at least 84 suspected mobsters Wednesday in a series of carefully coordinated raids. Those detained allegedly work for the Italian ’ndrangheta… Read More