New Money Laundering Regulation

07/27/2010 - 17:44

There are new regulations as from 31/05/2010 as to amounts paid out over 5K. Will post the document in English as soon as I can get this site to accept it without being a URL.


The law is technically in force, even though not yet passed by parliament. The laws on antirecycling mean that any movement of money over 5000 euros must be made by traceable means - non transferable cheque or bonifico, and banks must notify the Guardia for any movement over this amount, (instead of the 12500 previously).   Any bill over 3000 euros must now have a telematic fattura - the idea is that it will be certified email. The amount of cash you can bring in and take out of Italyremains at 10,000 euros. 

If you are moving money to or from another EU country there is no problem at all.  It is cash that is limited.  If you are bringing it in from a 'safe haven' you may get stung with the scudo fiscale which allows the government to take 5% but its all so vague and no-one really knows what the law is if you are not resident.  As long as money comes in and out via a bank account, it allows the powers that be to keep tabs on you should they want to.