The number of Suspicious Transaction Reports (STRs) registered with the Financial Intelligence Office (GIF) in the first quarter (Q1) of 2023 has reached 817, an increase of 13.47% compared with the same period in 2022, in which there were 720 reports.
The increase is explained only by an increasing number of reports by the gaming sector, totaling 595 or 72.82% of all reports, a year-on-year increase of 44.07%.
The general rate of growth of STRs was partially offset by a decrease in the number of reports made by both financial institutions and insurance companies, as well as other institutions not included in the finance or gaming sector.
Further falls were seen in the number of reports made by the financial sector, which accounted for 218 reports (30.3%) in Q1 2022, but only 157 in the same quarter of this year.
The GIF received 2,199 total STRs in 2022, a decrease of 9.7% when compared with 2021. At the time the decrease was also attributed to lower activity related to the gaming industry which has been maintaining a report rate of between 50% to 55% of all reports annually.
Of the 2,199 reports made in 2022, only 62 (2.82%) were referred to the Public Prosecutions Office due to indications of potential criminal activity.
