From Monday 2 September, the Bank of Italy will increase controls on the use of cash. The Financial Intelligence Unit for Italy, which depends on Via Nazionale, will verify the name of whoever withdraws or deposits banknotes for over 10 thousand euros overall in a month at banks, post offices or payment institutions. Previously, the checks started at an altitude of 15 thousand euros.
The first sending will be by 15 September and will concern all the data relating to the months of April, May, June and July. After which there will be a monthly deadline, which falls within the 45 days following the end of the month covered by the communication.
This is a particularly important anti-evasion and anti-money laundering measure, given that in Italy – despite digital payments becoming more and more widespread – over 80% of transactions still take place with banknotes and coins.
According to the UIF, “the use of cash is negatively correlated with the degree of local economic development and with the degree of financialisation. On the contrary, the use of cash is positively correlated with the size of the underground economy”.
This is why the new database that will be built with this flow of reports "will offer the Unit the opportunity to strengthen its institutional action", also allowing it to identify, thanks to the collaboration with other investigative bodies, "further suspicious operational contexts detectable at system level".
