The Treasury department of the Italian Ministry of Economy has put in consultation the draft of the legislative decree with which the V AML directive (EU Directive no. 2018/843, which modifies EU Directive no. 2015/849 on the same matter) will be implemented in Italy.
The consultation, which will end on 20 April 2019, is aimed at amending and integrating the legislation in force and is grounded on article 31, paragraph 5, of law 24 December 2012, no. 234, which allows the Italian Government to adopt measures to integrate and amend the legislative decrees already issued for the purposes of implementing the EU Directives.
Among the main novelties introduced by the draft of the legislative decree are:
(i) the extension of the scope of application of the AML directive to other subjects (such as sellers of antiques, art dealers or intermediaries in the above said sectors, etc.);
(ii) the possibility for the public to have access to the information on the beneficial owner (the access includes the possibility of knowing the name, surname, date of birth, country of residence of the beneficial owner, etc.);
(iii) the obligation for the professional bodies (in charge of the supervision on certain classes of professionals) to produce an annual report indicating the number and the types of the sanctions levied, etc.
Among the novelties of major impact on the insurance sector, it appears that the draft of the legislative decree would exclude both the branches of insurance companies, established in another Member State or in an extra EU State, as well as the insurance companies "with legal seat in another EU Member State, established without branch on the Italian territory" from the scope of application of the said draft of decree.