Italy’s Financial Intelligence Unit (FIU) was established at the Bank of Italy by Legislative Decree 231/2007, in accordance with the international rules and criteria envisaging the presence in each State of a financial intelligence gathering unit, with complete operational and administrative autonomy, and responsible for combating money laundering and terrorist financing.
As part of the wider efforts to prevent money laundering and terrorist financing, the FIU collects data on financial flows and information mainly through the suspicious transaction reports transmitted by financial intermediaries, professionals and other operators. The Unit then analyzes the information, drawing on the available sources of intelligence and using the powers at its disposal, and assesses its relevance for possible transmission to investigative bodies and cooperation with the judicial authorities, as well as in respect of eventual countermeasures.
To help it perform its tasks, the law establishes disclosure requirements on the part of the supervisory authorities, administrative bodies and professional associations. The FIU works together with law enforcement bodies to identify and analyze anomalous financial transactions. It is part of the global network of financial intelligence units for the exchange of vital information for combating the transnational phenomenon of money laundering and terrorist financing.