Italy Adopts Law Emulating Swiss Abolition of Formula B Deposits

Italy has implemented a new law on its effort to stop crime syndicates from laundering money. Under the law all cash movements of more than 20 million Lira ($18,000) must be made through recognized intermediaries. This law is similar to the Swiss legislative initiative that ends Formula B deposits. The continuing initiatives by countries to limit the persons that have the authority to accept deposits and the growing regulation of the intermediaries that are authorized to accept such deposits will restrict the available moeny centers for laundering. The remaining centers will also be under increasing pressure to take action.