Irish Economic Crime Bureau to fight money laundering involving money mules

Wednesday 10 April 2019 00:55 CET | News

The Garda National Economic Crime Bureau (GARDAI) has been investigating a EUR 2 million money laundering fraud involving 200 “money mules”.

According to GARDAI’s representatives, criminals are recruiting young people to help launder stolen or illegal money using their bank account. In 2018, over 1,600 money mule cases were reported by Irish banks.

Students are often targeted by Organised Crime Gangs to act as money mules, laundering thousands of euro through their accounts in exchange for a few hundred euro. They may or may not be aware of the crime. However, they are complicit if they allow their account to be used to launder the proceeds of these crimes. According to Banking & Payments Federation of Ireland (BPFI) research, two in five 18-24-year-olds are likely to act as money mules in exchange for their bank details.

To fight this issue, the Garda National Economic Crime Bureau are liaising with Europol, BPFI and the relevant financial institutions where the “money mule” accounts are held.

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Keywords: money laundering, money mules, fighting fraud, payment fraud, Garda National Economic Crime Bureau, GARDAI
Countries: World