Italian bank Banca Progetto has been placed under judicial administration for providing state-guaranteed loans to the mafia.
Since 2020, Italy has distributed billions of euros to mitigate the impact of the Covid pandemic and the war in Ukraine. Investigators claim that Banca Progetto had for years issued loans, which were backed by a public fund intended to support small and medium businesses, to mafia-linked companies. “Investigators found several shortfalls in the bank’s operations specifically in relation to [Banca Progetto’s] permeability to relations with individuals under investigation for serious crimes or subject to restrictive personal or financial measures,” prosecutors said.
This content is available to paid Members of Starling Insights.
If you are a Member of Starling Insights, you can sign in below to access this item.
If you are not a member, please consider joining Starling Insights to support our work and get access to our entire platform. Enjoy hundreds of articles and related content from past editions of the Compendium, special video and print reports, as well as Starling's observations and comments on current issues in culture & conduct risk management.
Join The Discussion
Sign in and be the first to comment.