Italy (IT)

Jurisdiction Overview

IDQuestionAnswer
236 *Is any formal registration required at all? Not Applicable
 Data Date: 2011/2017

Notes

 
http://tandt.oxfordjournals.org/content/14/5/307.full
 
GF 2011: 36; Goldsworth 2011: 87
 
https://www.paulhastings.com/docs/default-source/PDFs/stay-current-the-new-italian-measures-on-aml-(2).pdf
 
Communication Vincenzo Comito 31.1.2013

Sources

It appears thar private foundations are not available. According to the Global Forum, foundations "are non-profit organisations meaning that the eventual profits of the entity cannot be distributed. Foundations may only be constituted for public utility and must be recognised in all situations by public authorities. Even though set up for public utility, foundations are allowed, under Italian legislation, to carry on commercial activity, whether mainly or secondary to pursue its purpose" (GF 2011: 36). However, communication with Vincenzo Comito (31 January 2013) suggested that foundations for private benefit are available, "but with benefits only available to the people and organizations listed in the statute".
 
The (EU) 2015/847 Directive was implemented by Legislative Decree No. 90 of 25 May 2017, which came into force on 4 July 2017 (the “Decree”). The beneficial owner is defined as any natural person(s) who ultimately owns or controls the customer. When the customer is a corporate entity, an indication of direct/indirect ownership is a shareholding of 25% held in the customer. When the customer’s ownership does not allow to identify the natural person(s) who ultimately owns the customer, the beneficial owner is any natural person(s) who ultimately controls the customer by means of majority of the voting rights. The requirement applies to legal persons as well as "private entity". However, it is not entirely clear whether 'legal person' or 'private entity' includes foundations (given that as opposed to trusts, foundations are not explicitly mentioned in the Decree).