Italy's news in English

Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland

Crime 'has cost Italy's economy €16bn'

Share this article

Crime 'has cost Italy's economy €16bn'
Ignazio Visco, the governor of the Bank of Italy, said crime is putting off investors. Photo: Toru Yamanaka/AFP
17:03 CET+01:00
Crime is putting investors off Italy, costing the economy an estimated €16 billion in foreign investment over the past eight years, the governor of the Bank of Italy said on Friday.

Ignazio Visco told a conference in Milan that crime “has a negative effect on investments in general, especially from abroad,” Il Sole 24 reported.

He called on the government to rapidly adopt a new anti-money laundering law as well as create conditions that will prompt a return to growth.

"Respect for the law in the financial sector is a prerequisite for a sound and prudent management of financial institutions,” Visco said.

Italy was listed as one of the most corrupt countries in Europe in Transparency Interantional Corruption Perception Index for 2013, published last December.

The eurozone’s third-largest economy came 69th in the list of 177 countries.

READ MORE HERE: Italy among most corrupt countries in Europe

Get notified about breaking news on The Local

Share this article

The Local is not responsible for content posted by users.
Become a Member or sign-in to leave a comment.

From our sponsors

This cloud-based agency takes remote working to the next level

Be honest, who hasn't dreamed of working remotely with all the perks of employment? If you've got the skills, you only need to look UP to make that dream a reality.