Italy: money transfer, money laundering and intermediary liability
| DOI | https://doi.org/10.1108/JFC-10-2019-0137 |
| Published date | 18 March 2020 |
| Date | 18 March 2020 |
| Pages | 377-388 |
| Subject Matter | Accounting & Finance,Financial risk/company failure,Financial crime |
| Author | Livio Corselli |
Italy: money transfer,
money laundering
and intermediary liability
Livio Corselli
Department of Political Sciences and International Relations,
Università degli Studi di Palermo, Palermo, Italy
Abstract
Purpose –This paper aims to offer a general overview of moneytransfers in Italy and Europe focussing
specifically on the migrant community. Thisis of particular interest because it is in that community where
money transfersare most prevalent. This shows the money transfer system as a tool that could guaranteethe
financialinclusion of migrants but at the same time being used in a distortedand unlawful manner.
Design/methodology/approach –After a brief introduction focussed on working principles and legal
frameworks,the paper will go deeper in evaluating money transferdata. This data, which comes from various
legal authorities, will showthe extent to which different migrant communities who reside in Italy are able to
carry out illicitactivity using money transfers. It will also highlight the existence of legislativeinconsistencies
through a case by case approach.
Findings –This paper shows the reason why people find it relatively easy to use money transfers to
launder moneyor in a broader sense, take part in other illicit financialoperations such as financing terrorism.
Originality/value –This study will examine recent Italiancriminal cases concerning the unlawful use of
money transfers. This paper is the original study of the author and has not been submitted elsewhere for
publication.
Keywords Terrorism financing, Migrants, Remittances, Money dirtying, Money transfer,
Suspicious transactions, Money laundering, Smurfing, Flow of values
Paper type General review
1. Introduction –formal and informal money transfer providers
A money transfer is an act of transferring money from one place to another. Basically,
money transfer is a financial service, which involves the acceptance of cash, cheques or
other monetary instruments on the one side, and the payment of a corresponding sum of
cash or other forms of credit to abeneficiary on the other side. This can happen by means of
communication, messages, transfers or through a network to which the money transfer
provider belongs. This means that these kindsof transactions and the use of this particular
service may include the use of one or more intermediaries and also a final payment to a
third-party (FinancialAction Task Force, 2016,p.7).
One of the main features of a money transfer is that it allows people to quickly transfer
money from one country to another, safely and at a relatively low cost. This is why money
© Livio Corselli. Published by Emerald Publishing Limited. This article is published under the
Creative Commons Attribution (CC BY 4.0) licence. Anyone may reproduce, distribute, translate and
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full attribution to the original publication and authors. The full terms of this licence may be seen at
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Money
transfer
377
Journalof Financial Crime
Vol.30 No. 2, 2023
pp. 377-388
EmeraldPublishing Limited
1359-0790
DOI 10.1108/JFC-10-2019-0137
The current issue and full text archive of this journal is available on Emerald Insight at:
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