Business and Money

Crime ‘has cost Italy’s economy €16bn’

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
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

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