Italy - Money laundering in Italy is estimated to reach between 25 to 35 billion euros (around Rp515 trillion - Rp717.95 trillion) per year, according to the Guardia di Finanza (GdF) Tax Police.
The Commander-in-Chief of the GdF, Andrea De Gennaro, said the Italian Bank's Financial Intelligence Unit estimated that in the five-year period from 2018 to 2022, the value of money laundering was equivalent to 1.5 to 2 percent of the national Gross Domestic Product (GDP).
The statement was made at the Trento Economic Festival organized by Il Sole 24 Ore and Trentino Marketing on behalf of the Autonomous Province of Trento.
"We are used to associating money laundering with the re-entry of drug trafficking proceeds into the legal economy. However, the related crimes are much broader, including tax evasion, corruption, and fraud," said De Gennaro, quoted by ANTARA from the ANSA news agency, Thursday, May 21.
He added that money laundering methods are very diverse and complex, requiring close supervision from financial authorities and law enforcement.
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