Beat mascarpone cheese with vanilla extract until smooth. Whip cream with powdered sugar to stiff peaks. Fold whipped cream into mascarpone, then fold in condensed milk and shredded coconut.

Quickly dip ladyfingers in coconut liqueur or milk. Arrange a single layer at the bottom of a serving dish.

Spread half of the coconut mascarpone cream over the ladyfingers. Sprinkle halved Raffaello candies and shredded coconut.

Repeat with remaining ladyfingers and cream. Top with extra coconut and whole Raffaello candies.

Cover and refrigerate at least 4 hours, preferably overnight.

Serve chilled. Optionally dust with cocoa powder or drizzle with white chocolate.