The Bank of Italy has identified over 150,000 suspicious transactions in 2023, including potential illegal transactions to Russia, according to the Financial Intelligence Unit (FIU). In its 2023 annual report posted publicly on Wednesday, the FIU detailed the possibility of these illegal transactions escaping detection through the use of third countries, thereby potentially circumventing European sanctions imposed on Russia.
Italian local media reports indicate that anomalies were flagged and referred to relevant investigative bodies. These transactions suggest vulnerabilities in the European sanctions regime, as well as the complicity of third countries in circumventing measures meant to restrict Russian economic activities.
In light of Russia’s invasion of Ukraine, the European Union (EU) has incrementally tightened its economic sanctions against Russia, recently issuing its fourteenth package of sanctions. This latest round, announced on June 20, includes restrictions denying access to essential technologies and measures aimed at curbing the shadow fleet and banking networks supporting the Russian economy. Additionally, the EU has imposed specific sanctions on individuals and announced the freezing of 24.9 billion euros of private Russian assets, as estimated by the European Council.
Ongoing investigations and potential further actions by Italian authorities are anticipated as efforts to reinforce European sanctions continue.
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