{"id":2046,"date":"2024-07-02T11:37:54","date_gmt":"2024-07-02T15:37:54","guid":{"rendered":"https:\/\/ielrblog.com\/?p=2046"},"modified":"2024-07-02T11:37:54","modified_gmt":"2024-07-02T15:37:54","slug":"bank-of-italy-identifies-possible-illegal-transactions-to-russia","status":"publish","type":"post","link":"https:\/\/ielrblog.com\/index.php\/2024\/07\/02\/bank-of-italy-identifies-possible-illegal-transactions-to-russia\/","title":{"rendered":"BANK OF ITALY IDENTIFIES POSSIBLE ILLEGAL TRANSACTIONS TO RUSSIA"},"content":{"rendered":"

Financial Intelligence Unit Announces 150,000 Illegal Transactions in 2023 Annual Report<\/p>\n

By Kaila Hall<\/p>\n

On June 26, 2024, the Bank of Italy announced1<\/sup> the Financial Intelligence Unit\u2019s (FIU) 2023 Annual Report, identifying over 150,000 illegal transactions, some of which had possible links to Russia. The Annual Report compiles information2<\/sup> regarding money laundering and the financing of terrorism to be sent to an investigative agency for further investigation. During the presentation of the 2023 Annual Report, Enzo Serata, the Director of the Financial Information Unit of the Bank of Italy, noted that the Aggregate Anti-Money Laundering Reports (SARA) data identified \u201csome anomalous flows,\u201d3<\/sup> which were then alerted to AML investigative agencies. SARA reports detected foreign transfers that passed through third countries and ultimately ended up in Russia. Consequently, the Financial Action Task Force (FATF) will soon launch4<\/sup> a Mutual Evaluation of the Italian anti-money laundering system. FATF5<\/sup> is expected to evaluate the effectiveness of the preventive AML measures and assess technical compliance. The Bank of Italy believes these transfers were carried out to evade European sanctions on Russia.<\/p>\n

The Annual Report was released amid the European Union\u2019s release of its fourteenth package6<\/sup> of economic sanctions on Russia since its invasion of Ukraine in February 2022. Sanctions target Russia\u2019s financial, trade, energy, transport, technology and defense sectors. Specifically, the EU has implemented new restrictions on Russian imports and exports, such as natural gas and coal. European Commission President Ursula von der Leyen stated7<\/sup> that the sanctions will \u201cfurther deny Russia access to key technologies,\u201d \u201cstrip Russia of further energy revenues,\u201d and \u201ctackle Putin\u2019s shadow fleet and shadow banking network abroad.\u201d The European Council estimates8<\/sup> it has blocked 210 billion euros of assets from the Central Bank of Russia and has frozen 24.9 billion euros of private Russian assets.<\/p>\n

Earlier last month, the EU also passed three new anti-money laundering (AML) laws. The AML package established9<\/sup> the Anti-Money Laundering and Countering the Financing of Terrorism Authority (AMLA) to bolster surveillance mechanisms, enhance coordination among FIUs, and ensure the consistent application of EU rules. Alongside the sixth anti-money laundering directive, the AML package has also included a rulebook of preventative measures to block money laundering and terrorist financing through the financial system.<\/p>\n

 <\/p>\n

Kaila Hall is an intern at IELR. She is a rising senior at Cornell University.<\/p>\n

[1] Piccioli, Matteo. \u201cBank of Italy Reports Possible Illegal Transactions to Russia.\u201d JURIST<\/em>, 27 June 2024, www.jurist.org\/news\/2024\/06\/bank-of-italy-reports-possible-illegal-transactions-to-russia\/<\/a>.<\/p>\n

[2] Rossi, Sara. \u201cBank of Italy Signals Potentially Illegal Transfers from Italian Accounts to Russia in 2023.\u201d Yahoo Reuters<\/em>, 26 June 2024, uk.news.yahoo.com\/news\/bank-italy-signals-potentially-illegal-113442156.html?guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAM3fIbpQzuuqwk-9E_lLQoc2Ab94yAROrBYivimjCqifDAxjTF9apY-lHox9WpdssgAV3ZX6QpzDi7Lt2q6ZRCkcQUiohCrbdWuMYLHxy73bG81ao8293bZxJC3p0n1aZvx8bUrfT-A-5ukazo8G4Tt_1HGvvmtKA3EMN2hJCedN&guccounter=2.<\/p>\n

[3] Goria, Fabrizio. \u201cL\u2019allarme Di Banca d\u2019Italia: Soldi in Russia Aggirando I Divieti.\u201d La Stampa<\/em>, 26 June 2024, www.lastampa.it\/economia\/2024\/06\/26\/news\/banca_ditalia_flussi_russia_italia_sanzioni-14425515\/?ref=ST-LA-1.<\/p>\n

[4] d\u2019Italia, Banca. \u201cUIF – Rapporto Annuale per Il 2023, N. 16 – 2024.\u201d Uif.bancaditalia.it<\/em>, uif.bancaditalia.it\/pubblicazioni\/rapporto-annuale\/2024\/index.html?dotcache=refresh.<\/p>\n

[5] \u200c\u201cMutual Evaluations.\u201d Www.fatf-Gafi.org<\/em>, www.fatf-gafi.org\/en\/publications\/Mutualevaluations\/More-about-mutual-evaluations.html.<\/p>\n

\u200c[6] Piccioli, Matteo. \u201cEU Confirms New Package of Sanctions against Russia.\u201d Www.jurist.org<\/em>, 20 June 2024, www.jurist.org\/news\/2024\/06\/eu-confirms-new-package-of-sanctions-against-russia\/<\/a>.<\/p>\n

[7] von der Leyen, Ursula. \u201cX.com.\u201d X (Formerly Twitter)<\/em>, 2 June 2024,\u00a0 x.com\/vonderleyen\/status\/1803706357146619959..<\/p>\n

[8] \u201cEU Sanctions against Russia Explained.\u201d European Council<\/em>, www.consilium.europa.eu\/en\/policies\/sanctions-against-russia\/sanctions-against-russia-explained\/.<\/p>\n

\u200c[9] \u201cAbout AMLA – European Commission.\u201d Finance.ec.europa.eu<\/em>, finance.ec.europa.eu\/financial-crime\/amla\/about-amla_en.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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