Annual Report 2014, no. 7 - 2015

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In 2014, during the six-month Italian Presidency, the decisive phase in the adoption of the Fourth EU Anti-Money-Laundering Directive was completed. The FIU took part in the work at the EU level, particularly in the search for ways to keep the minimum harmonization model chosen for the legislation from impinging on the effectiveness of the FIU’s actions and on the overall prevention system. The transposition of the Directive will provide an opportunity to address a number of problems in the Italian legal system and to strengthen it further, following the recent introduction of the crime of self-laundering.

The data on the analysis of suspicious transaction reports confirm the FIU’s ability to handle the increased flow of information from the system effectively (more than 75,000 reports analysed and nearly 72,000 received), with a significant improvement in the quality of the analysis conducted, thanks in part to the wider availability of information sources. Despite obvious lingering issues with some of the reporting institutions, there has been an overall improvement in active cooperation, with a reduction in transmission times for reports and an improvement in the quality of the data filed.

The FIU has performed its official duties, with heavy emphasis on strategic analysis and research, an extended range of inspections, and stepped-up cooperation with domestic (the magistracy, the Bureau of Anti-mafia Investigation and other authorities) and foreign (other FIUs) counterparts and with international organizations, such as the FATF and the Egmont Group. The Unit’s activities constituted a fundamental contribution to the first National Risk Assessment, coordinated by the Financial Security Committee in accordance with international standards.

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