The Mafia Is Now The Biggest Bank In Italy

Naples, Italy

[credit provider=”Christopher Furlong / Getty”]

Anti-crime group SOS Impresa has released a report that calls the mafia “Italy’s number one bank”.The report argues that the ability to exploit the financial crisis has lead to criminal groups earning a turnover of 140 billion euros ($179 billion), more than 100 billion euros ($127 billion) in profit, and more than 65 million euros ($83 million) in liquidity.

Increasingly their tactics are including lending to desperate businesses at extortionate rates.

The report writes (translation via Reuters):

“The classic neighbourhood or street loan shark is on the way out, giving way to organised loan-sharking that is well connected with professional circles and operates with the connivance of high-level professionals.”

Reuters reports that the output of the three largest organisations, the Cosa Nostra, the Camorra, and the ‘Ndrangheta, is thought to add up to around 7 per cent of the Italian economy.

SOS Impresa is a group created by the small business organisation Confesercenti, who represent over 270,000 businesses. It’s estimated that crimes affect their members 50 times every hour.