It is not a "statue of limitations"(sic!) that applies, but rather a statute of limitations. Priebke should be arrested by the Mossad and brought to Israel for trial. But, helas, Israel doesn't care about issues of justice anymore, so that won't happen, so that nazi bastard can keep doing his shopping in Rome and not even Shimon Peres will give a damn about it.
First refugees travelling on Hungarian bus arrive at Austrian border (Reuters)
from the article: Outrage in Italy as ex-Nazi officer free to shop