Identification Of Non-Eu States And Territories Impose Requirements Equivalent To Those Laid Down In Launder Ill Direttiva2005/60/ec Of The European Parliament And Of The Council Of October 26, 2005 On Prevention Of The Use Of The System.

Original Language Title: Individuazione degli Stati extracomunitari e dei territori stranieriche impongono obblighi equivalenti a quelli previsti dalla direttiva2005/60/CE del Parlamento europeo e del Consiglio del 26 ottobre 2005relativa alla prevenzione dell'uso del sistema ...

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The MINISTER of economy and finance having regard to Directive 2005/60/EC of the European Parliament and of the Council of October 26, 2005 on prevention of the use of the financial system for the purpose of laundering the proceeds of criminal activity and terrorist financing; Having regard to Directive 2006/70/EC of 1 August 2006 laying down implementing measures for Directive 2005/60/EC of the European Parliament and of the Council as regards the definition of "politically exposed person" and the technical criteria for simplified customer due diligence procedures and for exemption on grounds of a financial activity exercised on an occasional or very limited basis; Having regard to the Legislative Decree n. 231 of November 21, 2007, implementation of Directive 2005/60/EC on the prevention of the use of the financial system for the purpose of laundering the proceeds of criminal activity and terrorist financing as well as Directive 2006/70/EC which has implementing measures and, in particular, article. 25, paragraph 2, and art. 25, paragraph 1, point c) of the same Decree; Having regard to section IV of chapter I of title II of the Legislative Decree n. 231 of November 21, 2007, implementation of Directive 2005/60/EC on the prevention of the use of the financial system for the purpose of laundering the proceeds of criminal activity and terrorist financing as well as Directive 2006/70/EC which has enforcement actions; Having regard to the agreement between the Member States on non-EU States and overseas territories to consider equivalent, reached on the sidelines of the meeting of June 26, 2012 of the Committee for the prevention of money laundering and terrorist financing pursuant to art. 41, paragraph 1 of Directive 2005/60/EC; Having regard to the order of the Minister of economy and Finance of 1 February 2013, currently in force, and the need to update it as follows on the basis of the information resulting from the evaluation reports of the national systems of prevention of money laundering and terrorist financing adopted by the financial action task force (FATF), or by the regional groups constituted on the model of the FATF, the International Monetary Fund or the World Bank as well as the subsequent updates; Detected the current adequacy of cooperation between the Italian and San Marino authorities counterparts, and particularly between their financial intelligence units, and other forms of administrative cooperation, including that between tax authorities; Found that the inclusion in the list of non-EU States and overseas territories to consider equivalent does not preclude the need to operate on the basis of the risk-based approach and constitutes a rebuttable presumption for the application of simplified customer due diligence measures in dealing with institutions located in those States and territories; Considering also that, despite the inclusion in the list of non-EU States and overseas territories to consider equivalent and ' reiterated the obligation under art. 13 of Directive 2005/60/EC to apply enhanced customer due diligence of customers, based on the existing risk assessment, in situations which by their nature can present a higher risk of money laundering or terrorist financing in relations with organizations, they are our customers, and maintain facilities in those States and territories; Given that the joint list does not apply to EU States and those belonging to the European Economic Area (Iceland, Liechtenstein and Norway), benefiting from automatic recognition of equivalence based on the requirement for those countries to implement the measures provided for in Directive 2005/60/EC; Since the Commission has not yet taken any decision pursuant to art. 40, paragraph 4 of Directive 2005/60/EC where it is expected that the European Commission, if you find that a third country does not meet the conditions set out in art. 11, paragraph 1 or 2, art. 28, paragraphs 3, 4 or 5, or to measures defined under paragraph 1, subparagraph b) of art. 40 or art. 16, paragraph 1, point b) of this directive or that the legislation of that third country does not permit application of the measures called for in art. 31, paragraph 1, first subparagraph of the directive, adopt a decision ordering the investigation of such a situation, in accordance with the procedure referred to in art. 41, paragraph 2 of that directive; Considered that art. November 21, 2007, 33 of Legislative Decree n. 231 provides that, where the Commission adopts a decision pursuant to art. 40, paragraph 4, of Directive 2005/60/EC, recipients of the aforementioned Decree cannot resort to third parties from the third country covered by the decision to carry out the obligations under art. 18, paragraph 1, letters a, b, and c))) of the same Decree; Considered that art. 25, paragraph 1 of the aforementioned legislative decree November 21, 2007, # 231 stipulates that credit and financial institutions located in non-EU States deemed equivalent will be subject to simplified customer identification and that art. 25, paragraph 4 of the Legislative Decree provides that, even in this case the institutions and persons subject to the decree to collect sufficient information to determine whether the customer can still benefit from simplified measures; Considered that art. 11, paragraph 4 of Legislative Decree n. 231 November 21, 2007, predicts that financial intermediaries referred to in paragraphs 1 and 2 of the same article of Legislative Decree November 21, 2007, n. 231 stipulate that its branches and subsidiaries located in non-EU States apply measures equivalent to those laid down in the directive concerning due diligence and retention by providing also the obligation for such persons, if the law of the non-EU countries do not permit the application of equivalent measures, notify the supervisory authorities of the sector in Italy and to take additional measures to meet effectively the risk of money laundering and financing of terrorism; Considered that art. November 21, 2007, 29 of Legislative Decree n. 231, in order to avoid a repeat of the customer due diligence procedures under art. 18, allows recipients of obligations to rely on customer due diligence obligations by third parties and end of fulfilling those obligations managers continue to be the institutions and persons covered by the Decree of November 21, 2007, # 231 who resort to third parties; Considered that art. November 21, 2007, 32 of Legislative Decree n. 231 States that to be considered ' tiers ' bodies or persons listed in art. 2 of Directive 2005/60/EC or equivalent institutions and persons situated in a State outside the European Union, provided they are subject to mandatory professional registration, recognized by law; that they apply customer due diligence measures and document retention obligations in conformity with or equivalent to those laid down in the directive and that are subject to monitoring to ensure compliance with the requirements of the directive according to chapter V, section 2, of the directive or are located in a State outside the European Union that imposes requirements equivalent to those laid down by Legislative Decree n. 231 November 21, 2007; Felt the financial security Committee at its meeting of January 30, 2015;
Decrees: Art. 1 non-EU States considered as States that impose requirements equivalent to those laid down in Directive 2005/60/EC of the European Parliament and of the Council of October 26, 2005 on prevention of the use of the financial system for the purpose of laundering the proceeds of criminal activity and terrorist financing and providing for the supervision of compliance with these obligations are , from the entry into force of this Decree: 1. Australia; 2. Brazil; 3. Canada; 4. Hong Kong; 5. India; 6. Japan; 7. The Republic of Korea, 8. Mexico; 9. Singapore; 10. United States of America; 11. The Republic of South Africa; 12. Switzerland; 13. The Republic of San Marino.