The crime vs the privilege of self-laundering. A forefront reform shakes the Italian criminal law system

Author:Marianna Meriani
Position:Cleary Gottlieb Steen and Hamilton LLP, Rome, Italy
Pages:426-431
SUMMARY

Purpose This paper aims to explain the pros and cons of the crime of self-laundering and of the voluntary discovery rule in light of the recent reform of the Italian criminal law system. More specifically, it focuses on the Italian anti-money laundering legislation as introduced by law no. 186 of 15 December 2014 that has dismissed the privilege of self-laundering. Design/methodology/a... (see full summary)

 
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The crime vs the privilege
of self-laundering
A forefront reform shakes the Italian
criminal law system
Marianna Meriani
Cleary Gottlieb Steen and Hamilton LLP, Rome, Italy
Abstract
Purpose – This paper aims to explain the pros and cons of the crime of self-laundering and of the
voluntary discovery rule in light of the recent reform of the Italian criminal law system. More
specically, it focuses on the Italian anti-money laundering legislation as introduced by law no. 186 of
15 December 2014 that has dismissed the privilege of self-laundering.
Design/methodology/approach – To reach such an aim, a comparative approach has been adopted,
focusing rst on the crime of money laundering as previously described by Article 648 bis of the Italian
Criminal Code and on the reasons underlying the adoption of the so-called privilege clause and,
subsequently focusing on its discipline in a common law system, the USA. Afterwards, there is the
analysis of the above mentioned reform, focusing on the ratio of the new crime of self-laundering to
tackle nancial crimes and allow capital return from abroad.Nevertheless, considering how recent the
reform is, the absence of case law on the subject has made it difcult to well evaluate its implications.
Findings – The analysis shows how Article 648 bis of the Italian Criminal Code has been the safeguard
against self-laundering incriminations.
Originality/value – Therefore, it points out the importance of the reform in light of the concerns
stemming from the privilege of self-laundering (for example, propagating the effects of the crime of
self-laundering). In addition, it highlights the importance of a strict interpretation of the new crime to
assure its compatibility with the criminal law principles of legality and fragmentation.
Keywords Anti-money laundering, Self-laundering
Paper type General review
1. Introduction
The purpose of this paper is to look at the Italian anti-money laundering legislation,
focusing on its recent developments and on the dismissal of the self-laundering privilege
due to law no. 186 of 15 December 2014[1].
In particular, the author will look at the introduction of the crime of self-laundering
and at the voluntary discovery rule. They constitute the two main prongs of the
above-mentioned legislation, whose ratio is to tackle nancial crimes and to allow
capital return from abroad.
In light of this, the author will rst focus on the crime of money laundering pursuant
to Article 648 bis of the Criminal Code and to the reasons underlying the adoption of the
so-called privilege clause. Afterwards, there will be the analysis of the new law, with
particular emphasis on the introduction of the new crime of self-laundering and on its
debatable value.
The current issue and full text archive of this journal is available on Emerald Insight at:
www.emeraldinsight.com/1368-5201.htm
JMLC
19,4
426
Journalof Money Laundering
Control
Vol.19 No. 4, 2016
pp.426-431
©Emerald Group Publishing Limited
1368-5201
DOI 10.1108/JMLC-02-2015-0005

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