Last year, the Financial Intelligence Unit of the Bank of Italy received nearly 65,000 reports of suspicious transactions, worth approximately 84 billion Euros, relating almost exclusively (99.7%) to the recycling of money.  This is reported by the FIU, the national intelligence unit established in 2007 to fight money laundering and financing of terrorism.  Numerous reports have focused on the laundering of proceeds of crime “attributable to politically exposed persons”.

They have detected, in particular, the inappropriate use of public funds, defaults in the application of rules on traceability of financial flows in the area of ​​public procurement, embezzlement of funds pertaining to political parties, corrupt situations.”

From 2007 to 2013, the transactions reported to the FIU increased five-fold, from 12,500 to 64,601 (with a peak of over 67,000 in 2012), 10% of which are classified as “high risk.”

In the first half of this year, reports were received over 38,000, an increase of 23% compared to the same period of 2013.

On more than 50% of the reports received, the report said, there have been findings of investigation. Whereas in general – according to FIU – half of the cases on which they are carried out further investigations end up in court, 25% of reports gives rise to legal proceedings.

“This shows an ability of obligated parties to identify at-risk behaviors. Even in the difficulty of making accurate comparisons with the reality of other countries, these are definitely values ​​that place us in the most virtuous,” says the report by the Director of FIU Claudio Clemente.  As indicated by a recent study of the European Central Bank, in Italy, the volume of retail transactions settled in cash is significantly higher than the EU average.”

The analysis indicates that the use of cash is more concentrated in areas of southern Italy where it is a strong presence of organized crime, although there are “points of care” in some areas of Central and North-West, especially near the border.