What does Italy's Financial Intelligence Unit (FIU) do?

UIF stands for Unità di Informazione Finanziaria, the Financial Intelligence Unit (FIU) for Italy. It is a central anti-money laundering authority operating within Banca d'Italia but with full autonomy and independence. Its task is to receive and analyze, from a financial perspective, information relating to possible money laundering and terrorist financing. This information comes from designated entities, as well as from other authorities, including those in other countries. The FIU then forwards its findings to the bodies responsible for any further investigative or judicial action.

But what exactly is money laundering? And what is terrorist financing? Why does the FIU deal with these issues?

Money laundering is a criminal activity through which money obtained from illegal activities - such as drug trafficking, corruption, human trafficking or tax evasion - is reintroduced into the legal economy to conceal its criminal origin.

Money laundering is a criminal offence punishable by law.

The financing of terrorism and of programmes for the proliferation of weapons of mass destruction follows an opposite but equally harmful path: money or assets, even when originating from the legal economy, are collected, transferred or made available to support illegal aims, namely terrorist activities or organizations. These criminal phenomena put the integrity and stability of the financial system at risk, threaten citizens' safety, contaminate the lawful economy, and cause serious distortions to competition and economic development.

How is the FIU organized?

The Financial Intelligence Unit is established within Banca d'Italia, which defines its organizational structure and operating framework and provides the financial means and resources needed to ensure the effective pursuit of its institutional objectives.

The head of the FIU is the Director, who is appointed by Banca d'Italia. The Director's term of office lasts five years and may be renewed once only.

Within the FIU there is also a Committee of Experts, which has an advisory role and meets at least once every six months. In addition to the FIU Director, the Committee is made up of four members, who serve a three-year term that can be renewed for a further three years.