THE NEW ANTI-MONEY LAUNDERING LAW First Perspectives on the 4th European Union Directive Domenico Siclari The New Anti-Money Laundering Law Domenico Siclari Editor The New Anti-Money Laundering Law First Perspectives on the 4th European Union Directive Editor Domenico Siclari Sapienza Università di Roma Roma , Italy ISBN 978-3-319-29098-0 ISBN 978-3-319-29099-7 (eBook) DOI 10.1007/978-3-319-29099-7 Library of Congress Control Number: 2016939224 © The Editor(s) (if applicable) and The Author(s) 2 016 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifi cally the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfi lms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. 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Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG Switzerland C ONTENTS 1 Introduction 1 Domenico Siclari 2 The CDD Obligations Following a Risk-B ased Approach 11 Pierpaolo Fratangelo 3 Benefi cial Ownership and Effective Transparency 25 Roberto Formisani 4 Anti-Money Laundering EU Law and Network of Agents 45 Domenico Siclari 5 Risk Assessment 57 Pierluigi Tonnara 6 Tax Crimes Inclusion in “Criminal Activity” Defi nition 67 Andrea Zaccagna v vi CONTENTS 7 The Effects of New Rules on Gambling 77 Elena Giacone Bibliography 97 N C OTES ON ONTRIBUTORS Roberto   Formisani currently works at the Bank of Italy in the Organisation Directorate (focusing on internal regulations of the Bank) and is currently reading for a PhD in Corporate and Securities Law at the University of Bologna. Previously, he worked for the Italian Banking Association, where he dealt with the reform of the European system of fi nancial supervision and got a fi ve-month research intern- ship in the Banking Supervision Department of the Bank of Italy. He published some articles in Italian legal journals and participated, as contributor, to a commen- tary on Italian Corporate Law. Pierpaolo   Fratangelo is Deputy Head of the AML/CFT Unit in the Banking and Financial Supervision Department at the Bank of Italy. He is a member of the Italian Delegations to FATF and to Council of Europe/Moneyval. He is the repre- sentative of the Bank of Italy to the Basel Committee AML Expert Group. He was formerly a teaching assistant at the University of Rome “La Sapienza” (2011–2012) and at LUISS—Guido Carli (2007–2009). He has served as co-editor of the International Encyclopaedia for Labour Law and Industrial Relations . He has writ- ten numerous articles on anti-money laundering, monetary and fi nancial law, cyber law, and European law. He received a DES in European Law from the Université Libre de Bruxelles, 1997. He graduated s umma cum laude in Law from the University of Siena. Elena   G iacone is a public offi cial of the Italian Tax Administration. She works at the Legislative Offi ce of the Ministry of Economy and Finance where she is in charge of all national and EU dossiers on public games. She previously lent his work, in defence of the Italian Tax Administration, in the fi eld of labour disputes (2004–2009). She practised as a professional lawyer in a major law fi rm, mainly vii viii NOTES ON CONTRIBUTORS dealing with civil matters with a focus on public tendering law (2000–2004). She collaborates with the Department of Law, University of Roma “Tor Vergata” where she earned a PhD (2015) in Civil Procedural Law. Domenico   S iclari is Associate Professor of Economic and Financial Markets Law at Rome Sapienza University, Department of Economics and Law. He had previ- ously worked as offi cer at Bank of Italy in Rome (1999–2003), in the fi eld of banking and fi nancial supervision, focusing on payment system oversight and has attended several meetings for study and research at the European Central Bank, in Frankfurt am Main. He was later a Counselor of the Italian Parliament-Chamber of Deputies (2003–2013), where he has been in charge of the Finance Division of Research Department since 2004. In 2013, he received the National Academic Qualifi cation as Full Professor. He is member of the scientifi c committee at PhD in “Public, Comparative and International Law” in Rome Sapienza University, of Referees Committee of “Rivista Trimestrale di Diritto dell’Economia”, of Advisory Board of “Law and Economics Yearly Review”, of Italian Association of Professors and scholars of Economic and Financial Markets Law (ADDE). Pierluigi   T onnara i s a PhD candidate in Public Law of Economy at Rome Sapienza University, Department of Economics and Law. He graduated in Law and, since then, has been providing legal assistance on several matters, such as administrative law, economic regulation, public procurement, public companies, public services, town planning and building regulation, energy and environment. He currently works at the Legislative Offi ce of the Ministry of Economic Development. Andrea   Z accagna i s Research Assistant in Economic and Financial Markets Law at Rome Sapienza University, Department of Economics and Law. Currently, he is tax and legal consultant for several multinational companies based in Italy. He had previously worked as Human Capital consultant at the international law fi rm Ernst&Young in Rome (2012–2015), in the fi eld of Taxation and Labour Law, focusing on advisory services for expatriated employees. CHAPTER 1 Introduction Domenico   S iclari Abstract This book gives a fi rst critical comment of the changes intro- duced by the new Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the fi nancial system for the purposes of money laundering or terrorist fi nancing (the Fourth anti-money laundering (AML)/counter terrorism fi nancing (CFT) Directive). This book aims to provide a fi rst critical comment of the changes intro- duced by the new Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the fi nancial system for the purposes of money laundering (ML) or terror- ist fi nancing (TF) (the Fourth anti-money laundering/counter terror- ism fi nancing (AML/CFT) Directive), 1 amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (the Third AML/CFT Directive). 2 Fortunately, it has been gaining increasing awareness of the need to combat, through appropriate provisions, the criminal phenomenon of ML, which is assuming ever larger dimension 3 capable of threatening the stability of the global fi nancial system: 4 as has been authoritatively stated, “effective anti-money laundering and combating the fi nancing of terrorism regimes are essential to protect the integrity of markets and of the global fi nancial framework as they help mitigate the factors that facili- tate fi nancial abuse.” 5 © The Editor(s) (if applicable) and The Author(s) 2016 1 D. Siclari (ed.), The New Anti-Money Laundering Law, DOI 10.1007/978-3-319-29099-7_1