The Italian government has given additional insight into its new fiscal decree law, which will be imposed on all incumbents of licenced gambling.
The fiscal decree, approved on 16 October, was attached to the first budget law order of the 5Star-DP coalition government. This seeks to provide the strictest regulations for gambling companies and their financial make-up with Italy’s Customs & Monopolies Agency ADM.
The ADM will require all licenced gambling parties, as previously reported, to deliver their financial accounts and transactions to an ADM registry monitoring money laundering and tax evasion.
New decree ADM controls were published in the official government gazette, detailing the following:
- The ADM will have the authority to sanction ‘payment blocking orders’ on Italian financial institutions processing illegal gambling transactions.
- The regulatory body can issue fines ranging from €300,000 to €1.3 million on non-compliant payment firms and financial institutions.
- ADM governance can launch investigations of financial institutions or payment processors who are deemed to be non-compliant with fiscal decree-laws.
- The ADM can request Italian financial institutions to freeze all accounts related to gambling businesses deemed to have broken the law.
In addition, the government of the 5Star-DP coalition has moved to expand the scope of industry money laundering convictions, emphasising that gambling AML crimes can be widened to general management, corporate representatives, and investors of a money laundering gambling business.
The new decree-law entered into force on October 27 and will be presented to the Italian Parliament, where it will have to be converted into law within 60 days as requested by the Italian Constitution.