Measures Against The Financing Of Companies Producing Mines And Ammunition

Until 12 June 2023, the document on the “Instructions of the Bank of Italy, COVIP, IVASS and MEF for the exercise of enhanced controls on the work of authorized intermediaries to counter the financing of companies producing antipersonnel mines, cluster munitions and submunitions” is in joint public consultation.

In compliance with law 220/2021 and in compliance with current international obligations, intermediaries are required to adopt specific procedures and consult the public lists of companies producing mines and ammunition.

At the end of the ongoing consultation, new procedural rules to be applied according to the principles of flexibility and proportionality will be issued. In essence, intermediaries – on the basis of the type, size and operational complexity of the activity carried out – can, from time to time evaluate the method of application .

The consultation is of interest to: Italian and foreign banks, managers, securities brokerage companies, payment institutions with branches in Italy; Italian payment institutions and electronic money institutions; Cassa Depositi e Prestiti S.p.A.; Poste Italiane S.p.A. for Bancoposta activities; subjects registered in the list referred to in article 111 of the consolidated text referred to in legislative decree 1 September 1993, n. 385; financial intermediaries registered in the register referred to in article 106 of the Consolidated Law on Banking; insurance and reinsurance undertakings with registered offices in Italy or in another EU country or in a third country with secondary offices in Italy; stockbrokers; trade associations; foundations of banking origin; pension funds.