Featured Italy

UniCredit to Pay $1.3 Billion, Plead Guilty to US Sanctions Violations

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

ING Italy investigated over alleged money laundering – source

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

Banca d’Italia orders client stop at ING in fight against money laundering

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
4th December 2018
AP — The father of Italy’s labor and development minister apologized Monday for hiring workers off the books for his small construction firm but insisted his “errors” shouldn’t reflect badly on his son. A video posted Monday on the 5-Star Movement’s Facebook page featured Antonio Di… Read More
26th November 2018
AP – Anti-Mafia authorities in Sicily on the trail of the No. 1 fugitive Mafia boss have confiscated 1.5 billion euros ($1.67 billion) in property. The seizure of tourist resorts, a 21-meter (70-foot) yacht, companies and other property Saturday was called one of the biggest hauls… Read More
12th November 2018
The European Commission has launched proceedings against the Isle of Man after its probe into the Paradise Papers uncovered widespread VAT evasion in the yacht and aviation industries in the bloc. The EU investigation was launched following the Paradise Papers exposé which showed – amongst other issues – that wealthy… Read More
12th November 2018
Eighteen managers of Swiss private bank PKB Privatbank SA Lugano are under investigation in Italy for fiscal fraud and money laundering, Milan’s Chief Prosecutor Francesco Greco said on Wednesday. The managers under investigation are mostly resident in Italy, where PKB owns Cassa Lombarda, Greco said. Tax police had searched… Read More