Money Mules; a key link in the money laundering chain
By Donna Turner
A money mule is a someone who receives money acquired illegally from a third party into their bank account and transfers it to another, or takes it out in cash and passes it to someone else, typically obtaining a commission for their services.
Europol have reported that as a result of a recent operation to crack down on money mules and their recruiters, 8,755 money mules were identified alongside 222 money mule recruiters, and 2,469 individuals were arrested worldwide:
2,469 money mules arrested;
1,648 criminal investigations initiated;
4,089 fraudulent transactions identified;
EUR 17.5 million intercepted.
The amount of criminal funds being laundered by mules is substantial. Money mules play a significant part in aiding criminals to launder proceeds derived from illegal activities such as human and drug trafficking, enabling criminals to move funds across a network of accounts, often in different countries.
A money mule is not directly involved in the criminal activity that generates the money, but they are accomplices in that they receive money from a third party, transfer it to another and obtain a commission for it. In some cases, money mules know they are supporting criminal enterprises; others are unaware but acting as a money mule is illegal and punishable, even if you aren’t aware you’re committing a crime.
Recruiters will target young and/or vulnerable people such as newcomers to the country, the unemployed, students including younger generations from 12 years old and those in economic hardship. This week, Europol have been raising awareness about money mules through the #DontBeAMule campaign. The campaign seeks to explain how these criminals operate, how to recognise the signs and what to do if you become a target, so take a look.
At Shapes First we work with our clients to give you the tools you need. If you would like to hear more about what we do to help firms build robust anti-financial crime frameworks get in touch at info@shapesfirst.com
If you would like to read more about the #DontBeAMule campaign follow this link or watch the video here
