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Article
Publication date: 2 July 2018

Domitilla Vanni

This paper aims to analyze the main international rules against economic crime and to verify if Italian legislation provides for appropriate measures according to own needs at a…

172

Abstract

Purpose

This paper aims to analyze the main international rules against economic crime and to verify if Italian legislation provides for appropriate measures according to own needs at a national level.

Design/methodology/approach

The research uses a comparative approach by examining the existing legislations on a global, European and Italian level for finding analogies and differences between them.

Findings

The research has discovered a wide variation in the legislative interventions against economic crimes and in the kind of imposed sanctions. Nevertheless, there seems to be a trend toward penalties, with a high degree of uniformity between the different levels of protection.

Research limitations/implications

This paper aims to maintain a common international level in fighting against economic crime and to enforce the effectiveness of national regulations.

Practical implications

The achievement of a high level of protection, for public security and social cohesion to prevent and reduce economic crimes.

Social implications

This paper ensures a high level of security for the general public by taking action against money laundering, cybercrimes and other sorts of misconduct, as well as by intensifying preventive action against all kinds of economic crime through an effective global cooperation.

Originality/value

This is a fast-moving area of law, which continues to evolve for the variety of behaviors through which economic crime occurs, so different solutions to the problem can be found by national legislators who must be coordinated in a global context on the basis of an international standard of protection to which they more and more frequently have to conform their own rules.

Details

Journal of Financial Crime, vol. 25 no. 3
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 3 January 2017

Domitilla Vanni

This paper aims to analyze the role of compliance in Italian banking system and to verify its efficiency in terms of protection of stability and credibility of financial…

575

Abstract

Purpose

This paper aims to analyze the role of compliance in Italian banking system and to verify its efficiency in terms of protection of stability and credibility of financial institutions, comparing solutions adopted in other European countries.

Design/methodology/approach

The research uses a comparative approach by examining the different solutions adopted in other European countries for finding analogies and differences between them.

Findings

The research has discovered a smaller development of Compliance Function in Italian banks, whose compliance risk frameworks are often still in an experimental stage rather than in other systems banks.

Research limitations/implications

A uniform model in the structure of financial institutions can be adopted to enforce the effectiveness of national regulations.

Practical implications

To ensure the independence and effectiveness of the Compliance Function, the financial institutions, especially the Italian ones, must pay great attention to the essential elements for good practices, such as a clearly defined apportionment of responsibilities and unambiguous reporting.

Social implications

The compliance culture must successfully reinforce itself in Italian firms, and for this purpose, it is necessary to persuade senior management that compliance is not a cost that should be minimized.

Originality/value

The Italian regulatory framework concerning the Compliance Function has represented a challenge for the banking industry, which should undergo a reorganization process focused on a different way of allocating responsibilities, so different solutions to the problem can be found by national legislators who need to be coordinated at an international level.

Details

Journal of Financial Crime, vol. 24 no. 1
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 3 May 2016

Domitilla Vanni

This paper aims to analyse the evolution of European anti-money laundering discipline passing from the First Money Laundering Directive 91/308/EEC, that was only referred to banks…

11768

Abstract

Purpose

This paper aims to analyse the evolution of European anti-money laundering discipline passing from the First Money Laundering Directive 91/308/EEC, that was only referred to banks and financial intermediaries, that has been furthermore extended to some activities and professions outside the financial sector. The research examines the different steps done buy Italian Legislation in the field of economic crime: at first Law n. 14/2003 of 3 February 2003 (Community Law 2002), they transposed the 2001 Directive 2001/97/EC and then the Law n. 56/2004 of 20 February 2004, that has implemented Directive 2001/97/EC. Now it is urgent to implement Directive 2005/60/EC that has extended the scope of the legislation, including the fight against the financing of terrorism and modified anti-money laundering obligations.

Design/methodology/approach

This paper deals with the Legislations of some European States (in particular UK and Italy) interpreting them by a comparative method.

Findings

This paper has put in clear some differences and some analogies between national legislations of different countries.

Research limitations/implications

In Italy, at first Law n. 14/2003 of 3 February 2003 (Community Law 2002), has transposed the 2001 Directive 2001/97/EC and then the Law n. 56/2004 of 20 February 2004, has implemented Directive 2001/97/EC. In 2005, Directive 2005/60/EC has extended the scope of the legislation, including the fight against the financing of terrorism and modified anti-money laundering obligations.

Practical implications

In the context of economic crime, capital investigations represent one of the most effective tools to fight the activities of organized crime in the phase of managing wealth illicitly produced and its immission in the circuit of the legal economy.

Social implications

The need of fighting economic crime must always be harmonized with the protection of right to privacy that has been acknowledged by Article 8 of the European Convention of Human Rights of 1950 as a fundamental right.

Originality/value

This paper develops the need to balance the right to privacy of every European citizen (Article 8 CEDU) with investigative power exercised by Public or Private Authorities, considering the possibility to comprise the first – if necessary – to allow the regular exercise of the second.

Details

Journal of Financial Crime, vol. 23 no. 2
Type: Research Article
ISSN: 1359-0790

Keywords

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Article
Publication date: 7 October 2019

Domitilla Vanni

This paper aims to outline the Italian framework of rules against economic crime and to verify if Italian legislation provides for appropriate and effective measures according to…

212

Abstract

Purpose

This paper aims to outline the Italian framework of rules against economic crime and to verify if Italian legislation provides for appropriate and effective measures according to own needs both at a national and European level.

Design/methodology/approach

The paper uses a comparative approach by examining the European and Italian legal systems for finding analogies and differences between them.

Findings

The study has revealed the need of a greater international harmonisation of criminal laws and penalties as well as the transnationality of the economic crime cuts the chance of success of every national strategy, given that transnational criminals are encouraged by the awareness that their cross-border activities complicate law-enforcement efforts against them.

Research limitations/implications

To maintain a common international level in the protection of individuals from the risk of economic crimes and to enforce the effectiveness of European and national regulations.

Practical implications

The achievement of a high level of protection, for public security and social cohesion, to prevent and reduce economic crimes, in particular, cybercrimes.

Social implications

To ensure a high level of security for the general public by taking action against money laundering, cybercrimes and other sorts of misconducts.

Originality/value

Fighting economic crime requires the close cooperation of law enforcements from different countries, which the traditional law enforcement institutions are not designed to provide.

Details

Journal of Financial Crime, vol. 26 no. 4
Type: Research Article
ISSN: 1359-0790

Keywords

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Article
Publication date: 5 October 2015

Domitilla Vanni

This paper aims to analyse the fundamental principles of the main international conventions against use of drug and to verify if it would be preferable to let European Member…

203

Abstract

Purpose

This paper aims to analyse the fundamental principles of the main international conventions against use of drug and to verify if it would be preferable to let European Member States adopt specific measures according to own needs at a national level.

Design/methodology/approach

The research uses a comparative approach by examining the different national legislations in respect of the discipline of the international conventions for finding analogies and differences between them.

Findings

The research has discovered a wide variation in the criteria for triggering a legislative response and in the penalties for non-compliance. Nevertheless, there seems to be a trend towards countries focusing on penalising supply rather than possession of these substances.

Research limitations/implications

To maintain a common international level in fighting against the use and commerce of drug to enforce the effectiveness of national regulations.

Practical implications

The achievement of a high level of health protection, well-being and social cohesion to prevent and reduce drug use, dependence and drug-related damage to health and society.

Social implications

To ensure a high level of security for the general public by taking action against drug production, cross-border trafficking in drugs and the diversion of chemical precursors used in drug production, as well as by intensifying preventive action against drug-related crime through effective cooperation, embedded in a joint approach.

Originality/value

This is a fast-moving area of law, which continues to evolve for the different new substances being introduced in international drug traffic, so different solutions to the problem can be found by national legislators who need to be coordinated at an international level.

Details

Journal of Financial Crime, vol. 22 no. 4
Type: Research Article
ISSN: 1359-0790

Keywords

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