Financial Operations: Privacy And The Prevention Of Money Laundering

The need to limit the use of cash during transactions and prevent money laundering within the financial system has incited the Italian government to legislate in this matter, setting out rules that are more and more restrictive.

However, it is important that law enforcement goals with respect to the prevention of money laundering activities does not preclude the safeguards established to protect individual privacy. For this reason legislators have set up guidelines that apply to those who are involved in collecting and processing data with respect to certain operations.

The following questions have been addressed in this article:

Which transactions must be reported to the authorities?
What sectors are required to report financial transactions?
What limits are set up with respect to data processing activities carried out for the purpose of preventing money laundering?
What is the Privacy Commissioner’s position?

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