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Putting the Crooks out of Banking. Financial Integrity in Regulation and Supervision: The Italian Case (1991-2001)


  • Luigi Donato

    () (Banca d'Italia, Roma)

  • Donato Masciandaro

    () (Centro Paolo Baffi Università Bocconi, Milano)


After September 2001, the war against the financing of both terrorism and organized crime occupies the centre of the policy makers' agenda. This paper has a threefold objective. To better evaluate the design of the regulation and the supervision strategy, it reviews the economics of the relationships between banking activities, on one side, and money laundering and terrorism finance, on the other side. Then it describes how the subject of integrity progressively emerged in Italian banking sector. Finally it analyzes how the Italian financial regulation and supervision have responded to the threats to integrity.

Suggested Citation

  • Luigi Donato & Donato Masciandaro, 2004. "Putting the Crooks out of Banking. Financial Integrity in Regulation and Supervision: The Italian Case (1991-2001)," Rivista di Politica Economica, SIPI Spa, vol. 94(3), pages 163-200, May-June.
  • Handle: RePEc:rpo:ripoec:v:94:y:2004:i:3:p:163-200

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    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law
    • P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism


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