What you are looking at is a magazine loader.
My friend brought over his Beretta Model 38a, these are just stock photos to give you an idea what it looks like.
And with it he brought this loader. While I do not think it is Italian, I could be wrong, it works well with the Beretta’s magazines.
However, notice the magazine stop and it is not correct with this loader. The magazine does lock up and can be loaded from this tool. I too am still looking for an answer.
It’s for the Orita M1941. Inter Ordnance misidentified them back when they brought them in, but later corrected this.
http://www.smallarmsreview.com/display.article.cfm?idarticles=1237
http://web.archive.org/web/20040506155129/http://www.interordnance.com/Merchant2/merchant.mv?Screen=PROD&Store_Code=INTERORDNANCE.com&Product_Code=MPBERETTA38ML
Thank you Will for the answer.