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Combating the financing of terrorism and the proliferation of weapons of mass destruction

Following the terrorist attacks of 11 September 2001, the competent international organizations and national authorities adopted plans aimed at combating terrorism not only operationally but also on the financial plane.

As regards Italy, the new crime of association for the purpose of international terrorism was introduced (Article 270-bis of the Penal Code) and the Financial Security Committee was set up at the Ministry for the Economy and Finance, charged with tasks of analysis and with coordinating the various authorities and law enforcement bodies competent for combating terrorism. Subsequently the Committee was assigned similar tasks for anti-money-laundering purposes as well.

Within this framework the powers of the FIU have been broadened to include action to combat terrorism on the financial plane.

As part of the fight against the proliferation of weapons of mass destruction, the United Nations has adopted measures for preventing and combating the financing of proliferation programmes and placed a ban on assisting or financing persons involved in such activities.

The European Union, implementing the resolutions adopted by the United Nations, has issued a series of measures including Regulation (EC) 267/2012, which establishes restrictive measures against Iran (freezing of funds and economic resources of individuals or entities associated with the development of sensitive activities in terms of proliferation).

The FATF has developed guidelines for implementing the financial sanctions adopted by the United Nations.

Specific measures have been introduced in the Recommendations to address the financing of the proliferation of weapons of mass destruction, in conformity with the UN Security Council resolutions.

In this field, the FIU receives notice of the freezes adopted in respect of individuals and entities designated by the EU regulations or by the relevant decrees of the Ministry for the Economy and Finance. It also receives the reports of suspicious transactions relating to the terrorist financing and proliferation financing.

Intermediaries rely on the operational instructions issued by the Bank of Italy on 10 November 2009 as an auxiliary instrument for identifying suspicious transactions linked to proliferation financing.