Introduction section Financial Security Committee (Fsc)
Financial Security Committee (Fsc)
The Financial Security Committee (Fsc) has been established at the Italian Ministry of Economy and Finance (Mef) in order to monitor the functioning of the system for preventing and combating money laundering, the financing of terrorism (Italian Law 431/2001), the activities of countries threatening international peace and security (Italian Legislative Decree 109/2007 and Italian Legislative Decree 231/2007) and the proliferation of weapons of mass destruction (Italian Legislative Decree 90/2017), as well as to implement freezing measures ordered by the United Nations, the European Union and national entities.
The Fsc, which is chaired by the Director General of the Treasury, is composed of representatives of other Administrations and Authorities: Italian Ministry of Economy and Finance; Italian Ministry of the Interior; Italian Ministry of Justice; Italian Ministry of Foreign Affairs and International Cooperation; Italian Ministry of Economic Development; Bank of Italy; Italian Commission for Companies and the Stock Exchange; Italian Institute for the Supervision of Private and Collective Interest Insurance; Italian Financial Intelligence Unit; Guardia di Finanza; Anti-Mafia Investigation Directorate; Carabinieri; Italian National Anti-Mafia Directorate; Italian Customs and Monopolies Agency. In order to perform the tasks related to the freezing of economic resources, the FSC is integrated by a representative of the Italian State Property Office. The functioning of the Fsc is regulated by decree of the Mef (Ministerial Decree N. 59, 22 April 2009).
The Fsc acts as a focal point in this area and is endowed with particularly penetrating powers, such as that of acquiring information held by the administrations it represents, even in derogation of official secrecy.
Activities related to Gafi/Fatf: National analysis of money laundering and terrorist financing risks
The Fsc's responsibilities include the drafting of the Italian National Risk Assessment (Nra) on money laundering and terrorist financing risks, which was conducted for the first time in 2014 and carried out on the basis of the provisions of Article 14 of Italian Legislative Decree 109/2007, as amended by Italian Legislative Decree 90/2017, with the aim of identifying, analysing and assessing the threats of money laundering and terrorist financing, the vulnerabilities of the Italian prevention, investigation and repression system, as well as the sectors most exposed to such threats, in order to adopt a risk-based approach to law enforcement (Anti money laundering/Counter financing terrorism – Aml/Cft) and develop appropriate courses of action.
Report to Parliament on the progress of action to prevent money laundering and terrorist financing
Every year, the FSC submits to the Italian Minister for the Economy and Finance a Report to be forwarded to Parliament, pursuant to Article 5, paragraph 7 of Italian Legislative Decree 231/2007, which details the evolution of the reference legislation, the assessment of the Aml/Cft prevention activities carried out by each Administration in its field of competence (also at international level), as well as the results achieved in the year of reference and the proposals to make such activities more effective.
Implementation of international sanctions
The Fsc is the Italian authority responsible for implementing the freezing of funds and economic resources held, either directly or indirectly, by individuals and entities included in the lists established by the European Union and the United Nations.
The list of existing EU sanctions can be consulted on the website of the European Commission. In addition, the ‘EU sanctions map’, which was adopted on the initiative of the Estonian Presidency, provides a visual map of sanctions measures taken by the Council.
The Fsc is also responsible for granting derogations provided for in European legislation in relation to financial restrictive measures.
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FAQ: FREQUENTLY ASKED QUESTIONS
How to submit requests for authorisation of transactions and waivers
One of the tasks of the Fsc is to issue authorisations for banking and financial transactions and to authorise exemptions from freezing measures.
Financial institutions and other eligible entities may submit their requests for authorisation to the FSC Technical Secretariat:
- through the telematic portal ‘Gesafin’, if the application concerns financial authorisations in derogation related to the export of goods subject to restrictive measures or related to other measures provided by each sanctioning scheme. When accessing the portal for the first time, it is necessary to be registered on the Department of the Treasury’s online services website https://portaletesoro.dt.tesoro.it/
- by certified e-mail, at firstname.lastname@example.org, for applications not supported by the ‘Gesafin’ portal, as in the case of exemptions to sanctions adopted.
How to comply with the compulsory communications under Italian Legislative Decree 109/2007
Mandatory communications relating to funds, as referred to in Article 7 of Italian Legislative Decree 109/2007, must be promptly sent to the Italian Financial Intelligence Unit (Uif).
Mandatory communications relating to economic resources, as referred to in Article 7 of Italian Legislative Decree 109/2007, must be promptly sent both to the Financial Intelligence Unit for Italy (Uif) and the Special Currency Police Unit of the Guardia di Finanza.