The government has ordered a thorough assessment of the entire control system at Giochi del Titano, covering both anti-money-laundering safeguards and the regularity of internal procedures. Secretary of State Luca Beccari announced this while addressing the joint committee on 12 October regarding the judicial case involving the state-owned company.
“The Giochi del Titano affair, which came to light in recent weeks, appears to stem – at least on the Italian side – from a money-laundering investigation. This obliges us to gain a precise understanding of the quality of its control system. This is not a trivial matter.”
Beccari explained that the executive wants to verify how the procedures actually function, rather than settling for assurances of their effectiveness. He specified that the review of controls must proceed regardless of the outcome of the criminal investigation.
“As I said myself at the press conference, the government intended to issue a clear and timely mandate for a thorough assessment of the entire control structure, both in terms of anti-money-laundering measures and the regularity of internal procedures. This is a duty and a necessity, because it is not enough for us to be told that everything is fine or that something unforeseen happened despite the soundness of the controls.”
The Secretary acknowledged the investments made in procedures by an organisation that has been operating for nearly twenty years, while stressing the need to concretely verify their robustness: “We recognise this, but faced with this affair we cannot simply say: ‘Everything was fine, it was a one-off.’ We need this to be ascertained, regardless of whether criminal responsibility exists or not. This is a fundamental point.”
Another point concerns the individuals under investigation, who, according to Beccari, are not in a position to continue working. “This avoids other kinds of problems. It is a standard measure in these circumstances, without assigning preventive blame – these are simply common-sense steps that must be taken. Any criminal liability will follow its own course.”
The Secretary also remained cautious regarding the reconstruction of events and their scope: “I also believe this affair still needs to be better understood, because we do not know – or at least I do not know – whether, beyond the initial indications, an actual money-laundering operation took place in San Marino, and to what extent. This too is not a secondary matter. We will find out once we are in a position to know.”
On the operational front, Beccari assured that the company can continue its activities: “At present we can state that business continuity is not in question: despite the announced suspensions, the company has, during this transitional phase, all the necessary safeguards in place to continue operating.”
The government’s attention also extends to the consequences of this affair for San Marino’s system as a whole. “As a government, we have tried to maintain maximum clarity, without anticipating anything but also without underestimating a matter that deserves the utmost attention.” The next step will be to clarify what actually happened: “Let’s see what occurred in this affair and try to understand whether something failed to work, or whether events unfolded differently.”
