Funds are being accessed by criminal networks and funnelled to China via intermediaries and third EU countries. The money is transferred through a trustworthy network of transfer agents
The link between mafias and Chinese criminal organisations. According to the Italys’ Financial Intelligence Unit (FIU), which is based at the Bank of Italy, funds from the National Recovery and Resilience Plan have ended up in the hands of criminal organisations and were ultimately directed to China.
- Director Enzo Serata stated that there is evidence of a significant network of enterprises linked to criminal organisations seeking access to public concessions, especially those from Italy’s recovery and resilience plan.
- Before the Antimafia Commission, he said the proceeds were partially channelled through intermediaries in third EU countries before being sent to China.
- Investigations by the Guardia di Finanza have revealed the dominant role played by Chinese criminal organisations in financial intermediation on behalf of Italian mafias.
Flying Money and the Role of China. The money is transferred through a trustworthy network of transfer agents. Customers deposit a certain amount of money with a broker in one country and someone else in the network in a different part of the world, paying the equivalent amount to the intended recipient. This system is called “fei qian” (flying money).
- In particular, the movement of illegal funds, such as drug trafficking, is often regulated through the use of Chinese intermediaries.
