Home » “In Costa Smeralda, suspicious real estate transactions worth one billion euros”: major anti-money laundering check by the Finance Police

“In Costa Smeralda, suspicious real estate transactions worth one billion euros”: major anti-money laundering check by the Finance Police

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One billion euros of real estate operations in Costa Smeralda, through transactions originating from abroad. It is a maxi anti-money laundering control that of the Provincial Command of the Guardia di Finanza of Sassari. The activity of the Fiamme gialla is part of a wider monitoring maneuver aimed at preventing the use of financial system for the purpose of money laundering and terrorist financing. Attention has focused in particular on financial intermediaries, professionals and other operators who, in various capacities, have operated within the scope of buying and selling and of the luxury property rental in Costa Smeralda, among the areas of the country most attractive for international investments of significant value.

The inspections covered approximately 150 real estate transactions. Financial transactions of one billion euros come mainly from abroad and from countries with tax reliefwhere they are often constituted offshore company to hide the real beneficial owners. Numerous discoveries have been made administrative violations to anti-money laundering regulations relating to the use of cash for amounts exceeding the limit established by law, or to the obligations to identify customers and to report suspicious transactions. In particular, the greatest shortcomings were found in the failure to comply with the requirements regarding adequate customer verification.

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