The investigation into alleged money laundering involving Giochi del Titano has returned to the centre of political controversy in San Marino. The government has announced new checks on the company, entrusted to an external and independent party, while the opposition is calling for clarity on how oversight mechanisms work and on any possible gaps in the supervisory system. The issue was back on the agenda this morning in the Grand and General Council (Consiglio Grande e Generale), where the Secretary of State for Finance, Marco Gatti, outlined developments in the case and sought to reassure lawmakers about the company’s stability.
The company continues to operate normally and, at least for now, no significant repercussions on its activity have been recorded. This was Gatti’s first message, as he retraced events starting from 30 September, when the State Congress received the first communications about the judicial matter.
Meanwhile, general manager Caronia has decided to step aside voluntarily, reaffirming his belief that he always acted properly and his confidence that he can demonstrate he had nothing to do with the alleged facts. To ensure business continuity, his duties have been temporarily assigned to Ivan Frisoni.
The government, however, wants to go beyond the checks already in place. Giochi del Titano, Gatti explained, already has certifications, internal procedures and periodic controls — tools that are evidently not considered sufficient to put the matter to rest. Hence the decision to commission a further, independent review by a party with no prior ties to the company.
“The main goal is clearly to protect the company,” said the Secretary of Finance. The review will assess how the organisation functions and could also provide guidance for future management decisions.
But the point generating the most debate is another one: how effective have anti-money-laundering controls been so far? This is the ground on which the opposition has raised its challenge. Enrico Carattoni of Repubblica Futura drew a distinction between any criminal responsibility — a matter for the judiciary to determine — and the broader question of how the oversight system has functioned.
According to the councillor, the possibility that illicit activities may have continued for several years within a heavily regulated sector calls for serious reflection. It must be understood whether procedures worked properly, whether any anomalies emerged, and whether reporting mechanisms were adequate. This, he argued, is an issue that goes beyond the position of individual suspects and touches on the reliability of the entire system.
Michela Pelliccioni also weighed in on the matter, urging against rushing to premature conclusions and insisting that it is up to the judiciary to establish responsibility. That, however, does not rule out the need to review the rules. The councillor proposed examining more closely the requirements for those holding top positions — from professional competence to integrity and the absence of conflicts of interest — pointing to the supervisory criteria already applied in the banking sector as a reference.
The majority rejected the criticism and called for the investigation not to be turned into a one-sided political battle. Gian Carlo Venturini of the Christian Democratic Party (Democrazia Cristiana) urged patience while awaiting judicial developments and insisted that Giochi del Titano must be allowed to keep operating. He then went on the offensive, recalling past episodes involving San Marino’s banking system, from CIS to Cassa di Risparmio and Banca Asset.
“If certain episodes are being highlighted, one should be honest enough to highlight the others as well,” Venturini said, pointing to responsibilities still under judicial review.
The case also featured in remarks by Nicola Renzi (Repubblica Futura), who listed it among the issues the government must address, alongside problems in healthcare and the banking sector. For Renzi, the time has come to take stock of the legislature, without concealing the shortcomings behind the results claimed by the majority. Halfway through the mandate, he argued, it is necessary to “take stock of what has happened so far and change course.”
Mirko Dolcini of Domani Motus Liberi also listed Giochi del Titano among the still-unresolved issues, alongside Banca di San Marino, the new hospital and the case of Dr. Landolfo. The councillor criticised the executive’s lack of concrete answers and closed his remarks with a scathing verdict: “All talk and no substance.”
