The Anti-Money Laundering Report

Uif, money laundering in Italy is worth up to 40 billion. Money to Russia and terrorism

Presented the 2024 report of the Bank of Italy's Financial Intelligence Unit. The estimate on the period 2018-2022. Director Enzo Serta on money laundering: 'A relevant dimension that motivates us to increase prevention'

by Ivan Cimmarusti

26 June 2024

3' min read

Key points

Over 150,000 Sos
Movements with Russia
Crowdfunding, tax credits and virtual Iban
Terrorismo

3' min read

Money laundering in Italy is worth at least 1.5-2% of GDP. Translated: the 'washing' of dirty money amounts to an average of EUR 40 billion. The estimate is from 2018-2022, but even looking at the most up-to-date data the value does not seem to have changed. "A relevant dimension, which motivates us to increase our commitment to prevention activities," commented Enzo Serata, the director of the Financial Intelligence Unit, the anti-money laundering body of the Bank of Italy, which today presented the 2024 budget.

Over 150 thousand Sos

Last year ended with 150,418 suspicious transaction reports (SOS), slightly more than 5,000 fewer than in 2022. This contraction was due to banks and the Post Office, which recorded a 7.5% decrease in the number of reports sent. The decrease also affected Imel (Electronic Money Institutions) and Ip (Payment Institutions), while the information contribution provided by notaries remains high.

For the first time, there was an increase in the number of communications received from the public administration, which reached 414 compared to 179 in 2022.On the cooperation front with the investigative authorities, the FIU achieved significant results.

The reports analysed in the two-year period 2022-2023 received, as of mid-June 2024, more than 57 thousand positive feedbacks from the Nucleo di polizia valutaria of the Guardia di finanza. Positive feedback from the National Anti-Mafia Directorate, on the other hand, amounted to almost 11 thousand.

Movements with Russia

During the course of the year, an analysis was carried out on withdrawal transactions with credit cards issued by Russian intermediaries. In particular, money was withdrawn from Italian ATMs through a Chinese circuit. The high total amount of withdrawals is facilitated by high quantitative limits per single transaction and the possibility of repeating withdrawals at the same Atm.

In addition, money movements were identified that passed from Italy to third countries and then ended up in Russia.

Crowdfunding, tax credits and virtual Iban

The FIU carried out inspections that, together with targeted investigations resulting from the financial analysis of suspicious transaction reports, made it possible to examine the operation of innovative and high-risk sectors, such as crowdfunding, the buying and selling of tax credits through digital platforms and the use of virtual Iban services.

In crowdfunding, audits confirmed high risks fostered by the low involvement of platform operators in active collaboration, the use of payment accounts as mere transit accounts, and the lack of attention to proper verification carried out remotely.

Terrorismo

The 'most recent' financial analyses carried out by Uif lead the unit's director to state that 'the exposure of Europe and Italy to the threat of jihadist attacks could become more concrete' after the 7 October Hamas attack and the outbreak of the new Israeli-Palestinian conflict. In the presentation of the UIF annual report, Serata states: 'For some time, the global terrorist threat has been predominantly associated with possible violent actions by individuals, without solid ties between them, whose adherence to generic jihadist principles was the result of frequenting radicalised environments or self-indoctrination via the web. The tragic Hamas attack in Israel on 7 October represented an element of discontinuity. The exposure of Europe and Italy to the threat of jihadist attacks could become more concrete, as the Israeli-Palestinian issue could favour more extensive recruitment activities and targeting on European soil. These circumstances are directly reflected in the number and complexity of the financial analyses recently conducted by the Unit'.

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