P.M. Briefing : Italy Acts on Mafia ‘Laundering’
Italian banks began new procedures today to stem the laundering of Mafia money through financial institutions.
Under the new regulations enacted by the Italian Banking Assn., deposits or withdrawals of 10 million lire ($7,000) or more will be separately registered and the customer will be subject to checks on the source of the money.
Under previous regulations, checks were made on transactions of 20 million lire ($14,000) or more.
The steps were taken to thwart efforts by organized crime to launder money from drugs, racketeering and kidnapings by moving it around in smaller amounts.