Newsletter No. 4 – 2021. Suspicious Transaction Reports – January-June 2021

The UIF has published its fourth newsletter of 2021, which reports the main activities carried out in the first half of the year.

The number of suspicious transaction reports (STRs) received continued to increase. In the first half of 2021, the UIF received 70,157 STRs, a 32.5 per cent increase over the same period the previous year. Reports submitted by money transfer operators saw a significant rise; the number of reports doubled and the underlying transactions tripled. In the same period, the UIF analysed and sent 68,823 reports to the investigative bodies (+29.4 per cent) and issued 20 suspension orders for a total amount of € 14.3 million.

In February, the UIF issued a new Communication concerning the prevention of financial crimes during the COVID-19 pandemic. During the first half of the year, the Unit signed new Memorandums of Understanding with the National Anti-Mafia Directorate and Cassa Depositi e Prestiti SpA respectively.

The UIF and the Ministry of Economy and Finance promoted a ‘Common Position’ on the European FIUs Coordination and Support Mechanism for inter-FIU cooperation, signed by several EU Member States.