In connection with the so-called fiscal shield for the disclosure of foreign assets, an interpretative measure is called for to clear up all uncertainty over intermediaries’ obligation to report suspicious transactions and reaffirm the regular application of the anti-moneylaundering legislation. 4. The role of the banking foundations  The foundations have been an anchor for Italian banks.
A representative member body, in which each participant is able to contribute effectively, will improve the FSB’s ability to develop standards and rules that are responsive to the needs of key stakeholders in the global regulatory community, and will lead to greater compliance with global financial standards.