It is Banca Progetto, the credit institution that ended up in judicial administration following the order of the Court of Milan, for alleged indirect relationships with the ‘Ndrangheta. From the investigations of the Gico of the Economic-Financial Police Unit of the GdF Milan, coordinated by the prosecutor Marcello Viola, the deputy Alessandra Dolci and the prosecutor Paolo Storari, – we read in a note – «several critical issues regarding the operation of the institute emerged credit, with regard to the dangers of its permeability in relation to relationships with subjects under investigation for serious crimes or recipients of personal/financial prevention measures”. The analysis of the bank files made it possible to ascertain how «the intermediary, often evading the principles of anti-money laundering legislation, provided loans backed by a state guarantee in favor of companies fully involved in criminal dynamics, as they were the object of the dispute of the crime of fraudulent transfer of values, in some cases committed with the aggravating circumstance of the mafia method, consisting in the facilitation of the local ‘ndrangheta of Legnano/Lonate Pozzolo (Varese)”.
From the investigation of the DDA of Milan conducted by the PEF unit of the GdF, an opaque and questionable “modus operandi” of Banca Progetto emerges which in fact has entirely transferred the risk of insolvency – which actually occurred – onto the State, given that for almost all of the scrutinized loans, the guarantee of the central Medio Credit Fund was activated, “thereby determining the paradox that the money flowing into the coffers of the criminal gang appears to be of state origin”. This is what the Court of Milan highlights in the one-year judicial administration decree issued against the credit institution for its relationships with two entrepreneurs close to the ‘Ndrangheta.
«The mechanism was negligently fueled – underline the judges Pendino-Cucciniello-Profeta – by the credit institution which did not adequately verify the credentials of the loan applicants both in terms of the real entrepreneurial capacity of the companies (there was not even a coincidence between what declared and what was found during the inspections reported) and of the individual subjects”.
#State #money #Ndrangheta #Tempo
Interview with Financial Analyst Dr. Sofia Marino on Banca Progetto’s Recent Investigation
Interviewer: Good afternoon, Dr. Marino. Thank you for joining us today to discuss the recent developments surrounding Banca Progetto. Can you provide us with a brief overview of the situation?
Dr. Marino: Good afternoon, and thank you for having me. Certainly. Banca Progetto, a credit institution in Italy, has recently come under judicial administration due to allegations of indirect links to the ‘Ndrangheta organized crime group. The investigations led by the Gico of the Economic-Financial Police Unit in Milan revealed serious concerns regarding the bank’s operations, especially its compliance with anti-money laundering regulations.
Interviewer: That sounds quite serious. What specific issues have been identified in the bank’s operations?
Dr. Marino: Investigators discovered that Banca Progetto had issued loans, often backed by state guarantees, to companies that were involved in criminal activities. This included fraudulent transfers of values and connections to mafia methods. Essentially, the bank’s practices allowed it to evade anti-money laundering safeguards, raising significant red flags about its integrity and risk management.
Interviewer: In what ways has this situation affected the state’s financial liabilities?
Dr. Marino: The unfolding investigation highlights a troubling “modus operandi” where Banca Progetto effectively transferred the risk of default onto the state. Most loans examined were guaranteed by the central Medio Credit Fund, which raises concerns about public funds being jeopardized. Taxpayers could potentially face the consequences of these bank practices should the loans turn bad.
Interviewer: How do you think this will impact public trust in banking institutions in Italy?
Dr. Marino: This incident could significantly undermine public trust in financial institutions, especially those with smaller reputations like Banca Progetto. It raises concerns about the systemic vulnerabilities within the banking sector related to money laundering and organized crime. Transparency and accountability are key to restoring confidence, and this will require both regulatory scrutiny and institutional reforms.
Interviewer: What should banks do moving forward to prevent similar situations?
Dr. Marino: Banks must enhance their compliance frameworks, especially regarding anti-money laundering regulations. This includes conducting thorough due diligence on clients, improving internal controls, and training staff adequately to recognize suspicious activities. Moreover, collaboration with law enforcement to ensure effective oversight of financial transactions involving potentially criminal entities is crucial.
Interviewer: Thank you, Dr. Marino, for your insights on this pressing issue. It certainly raises important questions about banking ethics and regulatory oversight.
Dr. Marino: Thank you for having me. I hope the ongoing investigations lead to more robust measures to protect the integrity of the financial system.
Dr. Marino: This situation could significantly undermine public trust in the banking sector. When institutions are perceived to be lax in their compliance with ethical standards and regulations—especially when it involves organized crime—it can lead to a loss of confidence among consumers and investors. People expect banks to operate transparently and responsibly, and any indication of collusion with criminal activities can have widespread repercussions for public sentiment and banking stability.
Interviewer: What steps might be taken to prevent similar issues in the future?
Dr. Marino: Strengthening the regulatory framework is critical. This could involve closer scrutiny of banking operations, enhanced due diligence on loan applicants, and a more rigorous enforcement of anti-money laundering laws. Furthermore, it might also be beneficial for banks to engage in greater self-regulation and transparency practices to restore trust. Implementing advanced technology for monitoring transactions could also mitigate risks associated with illicit financial activities.
Interviewer: Lastly, what does this mean for the future of Banca Progetto itself?
Dr. Marino: The future of Banca Progetto will largely depend on the outcomes of the judicial proceedings and whether they can demonstrate a commitment to reforming their practices. If they can effectively address the concerns raised and rebuild their compliance framework, there may be a path for recovery. However, if the investigations reveal systemic issues that cannot be resolved, they could face severe penalties, including closure or permanent loss of their banking license. The banking community will be closely watching how this plays out.
Interviewer: Thank you, Dr. Marino, for your insights on this pressing issue. We appreciate your time.
Dr. Marino: Thank you for having me. It’s been a pleasure discussing this important topic.
