Last July 26, the Institute for the Supervision of Insurance (IVASS), together with the Bank of Italy, Covip and Mef, following the responses received on the draft instructions put out for public consultation last April 28, 2023, published the instructions for the exercise of enhanced controls on the operations of authorized intermediaries in order to combat the financing of companies producing anti-personnel mines and cluster munitions.
Indeed, Law no. 220 of December 9, 2021 (the “Law”), introduced a prohibition for authorized intermediaries to finance Italian and foreign companies engaged in the production or even sale of such weapons or any parts thereof into the Italian legal system.
Therefore, in implementation of Article 3 of the aforementioned Law, pursuant to which the Supervisory Authorities are required to adopt instructions in this regard, said instructions addressed to authorized intermediaries pursuant to Article 2, paragraph 1, letter a) of the Law have been adopted.
Intermediaries shall implement suitable procedural safeguards according to a risk-based approach, contained in internal regulation and in compliance with the prohibition.