Edited by Sergio Silvestri

In the last two-year period 2020-2021, the UIF analyzed and forwarded to the investigative bodies 7.562 reports of suspicious transactions attributable to risk contexts linked to Covid. The latest UIF newsletter focuses on these issues, integrating the Anti-Money Laundering Notebook – Analysis and Studies SeriesThe majority of these reports, 95%, were submitted by banks and post offices. They were followed by non-bank financial intermediaries (3,5% of reports), public administration offices (0,8%), professionals (0,6%), and other non-financial operators (0,1%). This trend saw a significant increase, from 2.197 reports in 2020 to 5.365 in 2021. The emergency cases related to the health emergency accounted for 3% of those analyzed in the two-year period and peaked at 5% at the end of 2021, representing a 144,2% increase, compared to a 21,9% increase in the total number of reports analyzed.

The newsletter emphasizes that geographically, suspicious transactions related to COVID cases affect all regions, and over a quarter of all reports received concern transactions requested or carried out in Lazio, particularly in Rome, home to many administrations involved in the public health and economic response to the pandemic. Close behind are Lombardy (12,5%), Campania (9%), and Emilia-Romagna (8,9%).

At the provincial level, Rome accounts for over 26% of emergency calls (including over 40% of those from non-bank intermediaries and professionals, as well as all communications from public offices); Milan and Naples follow, accounting for 6,4% and 5,3% of reports, respectively. Turin, Bologna, Florence, Palermo, Brescia, Foggia, Ravenna, and Padua account for over 100 emergency calls.

The research shows that between August 2020 and January 2021, the number of emergency calls related to the effects of Covid stabilized. In many cases, the anomalies were linked to the improper use of benefits provided by legislation to address the pandemic crisis. Reports included inconsistencies between declared expenses and the activities of the company involved and, in general, excessive amounts transferred compared to ordinary operations. Subsequent increases, between February and September 2021, were primarily attributable to public funding, resulting in misappropriation of funds or transfers to personal bank accounts not directly related to those receiving the disbursements. A small portion of the reports, however, were attributable to transactions carried out or requested abroad or electronically. Finally, in the last quarter of 2021, reports related to the illicit use of tax deductions recognized by emergency legislation increased, a phenomenon that is particularly significant given the large amounts involved.

Source: FIU Newsletter 3 – 2022