The UIF received 113.187 suspicious transaction reports (SOS) in 2020, a 7 percent increase compared to the previous year.
The latest UIF newsletter reports that 113.643 were analyzed and that the second half of 2020 contributed significantly to the overall trend.
From July to December, in fact, there were 60.220 STRs: the highest number of reports in six months. Compared to the second half of 2019, money laundering reports increased by 11,1 percent (59.760), more than offsetting the lower number of reports related to terrorist financing (from 375 to 267) and voluntary disclosure (from 445 to 178).
The amount of reported transactions is close to €49 billion, in line with the second half of 2019; the amounts of SOS containing only proposed transactions increased (from €3 billion to €9 billion), primarily related to suspected fraud attempts during the health emergency. In the second half of the year, the Unit forwarded 60.457 reports to investigative authorities and issued 15 suspension orders for suspicious transactions worth €10,4 million (21 orders and €8,2 million in the second half of 2019).
The FIU emphasizes that the most significant increases were recorded for STRs related to operations carried out in Lazio, Campania, Puglia, and Sicily; those related to Lombardy and Veneto decreased. At the provincial level, Prato, Milan, Naples, Rome, and Rimini rank in the top five for the number of suspicious transaction reports per capita.
Compared to the second half of 2019, reports submitted by banks and post offices increased by 7,4 percent: a significant contribution was made by EMIs, with an increase of over 3.000 reports. EMIs and IPs accounted for 57,8 percent of the emergency requests submitted by reporters other than banks and post offices, followed by gaming service providers (16 percent).
Within the IP category, money transfers recorded a 13,8 percent increase in reports compared to the second half of the previous year, while at the same time highlighting a doubling in the number of reported transactions (from 63.220 to 133.161).
The main destination countries for suspicious flows were Romania, Senegal, Morocco, and Albania (42 percent of the suspicious amounts overall). Collaboration with the judicial authorities increased in the second half of 2020 (286 requests, a 26,5 percent increase compared to the second half of 2019).
Throughout 2020, the UIF received 558 requests from the judiciary and transmitted 1.188 reports (+41,3 and +52,5 percent compared to the previous year).

Source: UIF