Featured Italy

Tax evasion and avoidance: EU Paradise Papers probe highlights Isle of Man’s abusive regime

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

Italian prosecutor says investigating Switzerland’s PKB bank, managers

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
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
25th October 2018
AP — Russian President Vladimir Putin and Italian Prime Minister Giuseppe Conte pledged Wednesday to boost economic ties between their countries despite European Union sanctions against Russia. They also agreed to pool efforts to help settle the political crisis in Libya. Making his first trip to… Read More
17th September 2018
Pope Francis appealed to Sicily’s Mafia on Saturday to abandon a life of crime and violence, saying the island needed “men and women of love, not men and women ‘of honour,’” using the term mobsters apply to themselves. Francis, in the Sicilian capital, said organised crime members – many of… Read More
1st June 2018
AP — Italy’s anti-establishment 5-Star Movement and the right-wing League succeeded Thursday in forming western Europe’s first populist government, which will be headed by a political novice whose first try was rejected four days earlier as too risky for the Italian economy. What changed was the willingness of 5-Star… Read More
17th April 2018
The European Union failed to agree new sanctions against Iran on Monday amid Italy’s opposition and fears that punishing Tehran for its missile program and regional role would not stop U.S. President Donald Trump from abandoning a separate nuclear deal. Speaking on the sidelines of EU foreign ministers’ discussions in… Read More
2nd April 2018
Police have arrested members of a criminal gang who stole details of customers at two major banks through phishing scams, netting almost EUR 1 million. The group is also suspected of money laundering, drug and human trafficking. The arrests of the 20 individuals was conducted by law enforcement agencies in… Read More
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FATF publishes assessment of UK anti-money laundering, counter terror financing systems

A global anti-money laundering (AML) watchdog has found that the United Kingdom has a ‘robust understanding’ of laundering and terrorism financing threats, but warned it faces significant risks of dirty cash inflows from offshore jurisdictions and foreign criminals. The Financial Action Task Force (FATF) said Britain’s ‘strong’ public-private partnerships are… Read More

Deutsche Bank hit by new laundering report; shares slide again

Deutsche Bank (DBKGn.DE) defended its record in fighting money laundering on Thursday after the Financial Times reported it had processed 31 billion euros ($35 billion) more in questionable funds for Danske Bank (DANSKE.CO) than previously thought. A Deutsche Bank spokesman declined to comment on the FT article. He said, however,… Read More