One of the most significant international initiatives to counter money laundering and corruption as part of it is the United Nations' Convention against Transnational Organized Crime. European Community legislation and regulations include Convention on Protection of the Financial Interests of the European Communities; Common Action of December 22, 1998 on Corruption in the Private Sector; and Proposal for a Council and European Council directive amending Directive 91/308/EEC of June 10, 1991 on prevention of the use of the financial system for purposes of money laundering. Italian legislation distinguishes between "active" and "passive" corruption by providing for two different crimes, namely extortion or graft and corruption or bribery. The article describes what constitutes crimes under those definitions and relevant sanctions. The chapter also describes in some detail banks' role in the fight against corruption in the business sector.