Cash is back in Italy with apprehension, and its diffusion in daily life mainly concerns the southern regions. The division on a national scale is clear regarding the general propensity for this form of payment. However, an investigation sheds light on the Center-Northwith as many as five Regions having triggered the recycling alert.
Money laundering investigation in Italy
2023 saw an increase in cash movements in Italy. We are talking about 179.5 billion euros, or a +3.5% compared to 2022. The data are obtained from the transactions reported by the obliged entities, such as banks and post offices. This means that in reality the numbers are much higher. In this regard, a an investigation by the Financial Intelligence Unit (Uif). Withdrawals and deposits are being cross-referenced with Suspicious Transaction Reports (SOS). While it is true that the South prefers to pay in cash, it is in the Central-Northern Regions that cash is most associated with the risk of money laundering. Here are the territories that triggered the alert:
- Lombardy;
- Veneto;
- Emilia Romagna;
- Tuscany;
- Lazio.
Cash in Italy
As mentioned, the South of the country prefers cashwhich still dominates in the percentage of transactions carried out. The Financial Intelligence Unit has therefore developed an econometric analysisin order to obtain a quota considered physiological for cash operations. Therefore, proceeding to isolate the “potentially anomalous” componenta symbol of illegal conduct, as stated in the 2024 report.
The data are definitely interesting, since the South makes extensive use of physical banknotes and coins, but it is not at all on par with the Center-North as regards the reports of “anomalous” uses of cash. The frequency is much higher in the Regions indicated above. The risk is medium high and high especially in the northern area. The focus is mainly on Lombardy, Veneto ed Emilia Romagna. In the Center, however, it concerns almost all the territories. As indicated, however, of particular relevance are Tuscany and Lazio.
A system that sheds light on the risk of mafia infiltration but not only. In this scenario, the analysis of Anti-Money Laundering highlights how the overall increase in risk in the last year mainly concerns the provinces of Asti, Cremona, Grosseto, Pistoia and Pisa.
Recycling agencies
According to what was reported by The sun 24 hoursthe analysis of Anti-Money Laundering has led to the discovery of a tax system that is, to say the least, obscure. Especially in Lombardy, Veneto and Emilia-Romagna there are some “agencies”, so to speak, specialized in “dirty finance”.
All managed by criminal organizationspartly Italian and in part Chinesecapable of laundering illicit capital obtained. A real high organization based on money laundering, which has as its core the system of false invoices, generated in exchange for non-existent transactions. This is how dirty money becomes legal.
There is therefore a chain of companies whose sole purpose is to produce invoices and accounting papers. Illicit acts that aim to launder money from other illicit acts, such as tax evasion. But How much does all this cost? We are talking about the 7% of the transaction amountif carried out towards an “affiliated entrepreneur”. The case of operations aimed at other subjects is different. In fact, the cost sale all’11%. In terms of profit, the figures are enormous. Consider that the Guardia di Finanza discovered in the Marche illicit movements for approximately 2 billion in 24 monthsIn Emilia-Romagna, the issuing of 1,141 false invoices was proven.
