FINANCIAL MONITORING IN ITALY

FINANCIAL MONITORING IN ITALY

Italian legislation is quite demanding regarding financial monitoring. The tax monitoring mechanism for Italian residents is described in the decree of the Ministry of Finance dated 12.22.2012.

According to this document, the norms apply to:

• Expenses of individuals for the purchase of goods and services
• Bank deposits
• Official tax

In 2019, changes were adopted, so the Italian financial monitoring changed to a developed one based on the income of citizens. At the same time, not only costs are taken into account, but also include analytical calculations based on class coefficients. This means that each taxpayer is given a certain status, according to which the state calculates how much money is actually spent.

Thus, certain factors are taken into account when forming classes:

• Age
• Composition of the family
• Geographical regions

Also, a cross-checking system is used, the basis of which is also taken into account and other information by groups of persons (entrepreneurs, employees, pensioners, persons who have their own private practice, persons who receive social assistance). Also, the expenses themselves are subject to financial monitoring in the following categories: investment, entrepreneurial activity, rental and purchase of real estate, mortgage, loans, and others.

The financial monitoring agency had access to all databases before, but it is possible to request confidential information about a resident’s bank accounts only within the framework of criminal proceedings and in the presence of appropriate permissions from the court or the person being audited.

Since 2018, the Court of Cassation has ruled that the fiscal service can check any accounts without explaining the reasons. If tax officials saw suspicious movement of funds, they have the right to track transactions.

Redditometro is a well-formed total system for monitoring citizens’ incomes and expenses. Every year, it covers more and more social relations and allows the tax authorities to effectively track those who evade paying taxes.

Despite the fact that, in Italy, criminal liability occurs, as a rule, only for middle-class businessmen and large industrialists, fines for small entrepreneurs and citizens have also become a serious punishment.

Therefore, in Italy, the requirements for financial monitoring are quite severe.

And that’s why you definitely need a financial monitoring lawyer.

Our bank lawyer will advise you on the following issues

• How much money can be deposited in a bank in Italy?
• What to do when the bank requested documents about the origin of the cats?
• What documents confirm the origin of funds?
• Where to get documents confirming the origin of funds?
• What to do if there are not enough documents about the origin of the funds?
• How to withdraw (return) blocked funds in a Bulgarian bank?
• How to close a bank account?
• How to legally bypass financial monitoring in Italy?
• What to do if there is no source of funds?

Bank lawyer in Italy is one of our main job profiles.