Italy

Global sanctions guide

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  1. Does Italy have a sanctions regime in place?

Yes.

  1. Does Italy implement UN sanctions?

Yes. Italy is a member of the European Union, which implements UN sanctions in all member states by way of directly effective regulations.

  1. Does Italy implement an autonomous sanctions regime?

Yes. Italy’s autonomous sanctions regime targets crimes relating to international terrorism. It is governed by Legislative Decree No. 109/2007, along with a new crime of collusion for the purposes of international terrorism (Article 270 BIS of the Italian Penal Code).

  1. What is the nature of the sanctions regime in Italy?

Italy follows the restrictive measures laid down by the UN, the EU and other international organisations which are binding on Italy, as well as the measures introduced autonomously.

The Committee for Financial Security (part of the Ministry of Economy and Finance) is responsible for Italy’s sanctions targeting international terrorism (“the Committee”). The Committee comprises of 12 members, including representatives from the Ministry of the Interior, Ministry of Justice, Ministry of Economy and Finance, the Bank of Italy, the Police and the Carabinieri. It is tasked with preventing terrorist organisations from using the Italian financial system, and does so by prompting the Ministry of Economy and Finance to adopt asset freezing measures against persons and entities associated with terrorism.

The Committee also oversees UN and EU sanctions. Where UN resolutions do not take direct effect by way of EU regulations, the Committee (together with the Ministry of Foreign Affairs) may adopt interim measures to freeze assets belonging to those persons or entities designated by the relevant UN resolution. Such measures are implemented by government decree.

  1. Does Italy maintain a list of sanctioned individuals and entities?

No.

  1. Are there any other lists related to sanctions?

No.

  1. Does Italy have a licensing or authorisation system in place?

Yes. Licences and authorisations are granted by the Committee and the Ministry of Economic Development.

  1. What are the consequences for a breach of sanctions in Italy?

The consequence for a breach of freezing sanctions adopted by the Ministry of Economic and Financial Affairs is a fine ranging from half to twice the value of the financial operation. Such a breach does not carry criminal liability. However, the conduct which caused the breach may be prosecuted by the Italian authorities as a criminal offence.

  1. What are the consequences for a breach of sanctions in Italy?

The Committee for Financial Security (part of the Ministry of Economy and Finance) is responsible for freezing sanctions.

Ministry of Economy and Finance
Palazzo delle Finanze
Via 20 Settembre, 97
00187 Rome
Italy

T: (+39) 06 4761 3722
E: urp@tesoro.it / urp.economiaefinanze@pec.mef.gov.it
www.tesoro.it/english-corner/index.html

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