A man, who according to the Italian police is the alleged money man behind the most powerful organized crime clan in Palermo, Sicily, have been arrested.

According to the reports of ANSA, Giuseppe Liga, 60, was arrested Monday after being named by informants as having taken over the Lo Piccolo family after alleged heads of the family Salvatore Lo Piccolo and brother Sandro were arrested in 2007.

Police further said that Liga is charged with extortion, mafia conspiracy and setting up front companies. He was the alleged money man who handled revenue from "all the rackets" for the San Lorenzo-based clan.

Prosecutor Antonio Ingroia said, "What we are seeing is the 'financialization' of the Mafia. Ever more often we have found that command has been handed to figures who were once financial 'consultants' of bosses."

ANSA report further said that Interior Undersecretary Alfredo Mantovano said Liga's arrest was "an extraordinary success" coming on the heels of last week's capture of almost 20 contacts of Cosa Nostra boss of bosses Matteo Messina Denaro. (With Inputs from Agencies)