Financial Crime World

Italy’s Financial Intelligence Unit Seeks to Boost Fight Against Money Laundering

Increased Cooperation and Improved Reporting Lead to Rise in Suspicious Transactions Reports

Rome, Italy - The Italian Financial Intelligence Unit (UIF) has reported a significant increase in the number of suspicious transactions reports (STRs) received from designated non-financial businesses and professions (DNFBPs) in 2010.

Improved Reporting Requirements and Enhanced Cooperation Drive Growth

According to a report released by the UIF, the agency received over 25,000 STRs from DNFBPs in 2010, up from around 20,000 in 2009. The increase is attributed to improved reporting requirements and enhanced cooperation between the UIF and DNFBPs.

Inspections and Prudential Checks Reveal Irregularities

The UIF also reported an increase in inspections and prudential checks carried out against non-bank intermediaries, including fiduciary companies. Inspections revealed irregularities of penal relevance, which were reported to competent judicial authorities.

International Cooperation Leads to Identification of Criminal Activity

In addition, the UIF received a significant number of requests from public prosecutors and antimafia offices for support and collaboration in investigations. The agency also exchanged information with foreign financial intelligence units (FIUs) through various channels, including Egmont Secure Web and FIU.NET. The increase in international cooperation led to the identification of possibly criminal activity, resulting in funds being blocked by foreign FIUs to allow for subsequent intervention by competent authorities.

Key Statistics

  • Number of STRs received from DNFBPs: 25,000 (2010), up from 20,000 (2009)
  • Increase in inspections carried out against non-bank intermediaries: 7 (2010), up from 5 (2009)
  • Requests for information sent to foreign FIUs: 126 (2010), up from 97 (2008)
  • Requests for information received from foreign FIUs: 697 (2009), up from 544 (2008)

Conclusion

The UIF’s report highlights the agency’s efforts to enhance its capabilities and improve collaboration with other authorities to combat money laundering and terrorist financing. The agency is committed to continuing its efforts to prevent and detect suspicious transactions, and to providing support and cooperation to judicial authorities in their investigations.