Financial Crime Reporting Requirements in Italy: Combating Money Laundering and Terrorist Financing

Italy’s Financial Intelligence Unit (FIU) is playing a crucial role in combating financial crimes such as money laundering and terrorist financing. Established by Legislative Decree 231/2007 at the Bank of Italy, the FIU collects data on financial flows and information through suspicious transaction reports submitted by financial intermediaries, professionals, and other operators.

Data Collection and Analysis

The FIU receives information primarily through:

• Suspicious transaction reports submitted by financial intermediaries, professionals, and other operators
• Available sources of intelligence

Using its powers, the FIU analyzes the received information to assess its relevance for possible transmission to investigative bodies, cooperation with judicial authorities, and eventual countermeasures.

Disclosure Requirements

To support its tasks, the law requires disclosure from:

• Supervisory authorities
• Administrative bodies
• Professional associations

These disclosures enable the FIU to identify and analyze anomalous financial transactions as part of a global network of financial intelligence units.

Collaboration with Law Enforcement Agencies

The FIU works closely with law enforcement agencies to:

• Identify and analyze anomalous financial transactions
• Share vital information for combating money laundering and terrorist financing on a transnational scale

By facilitating the exchange of information, the FIU plays a key role in preventing these financial crimes.