• Clodagh Meaney

Gardaí release a warning highlighting the dangers of 'money muling'

It comes after a young man was arrested in West Cork for money laundering

An Garda Síochána have released a warning, highlighting the dangers of 'money muling', asking people not to let anyone else use their bank account,

It comes following the arrest of a man in West Cork, last week who is believed to have allowed a large sum of cash be lodged and transferred using his bank account.

The man in his early 20s was detained by Gardaí, before being later released.

Money Muling happens when a person, known as a Money Mule, is recruited by criminals in order to help launder stolen, or illegal money using their bank account, often unknowingly.

"The chance to earn a 'quick buck' is a tactic used by fraudsters to recruit money mules, who are promised a share of the proceeds in exchange for their bank account details," said An Garda Síochána in a statement. "A Money Mule is a person who transfers money illegally on behalf of other people. They allow their account to be used for the transfer of ill-gotten gains."

"They may or may not be aware of the crime. However, they are complicit if they recklessly allow their account to be used to launder the proceeds of these crimes," the explained, adding: "Young people 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." Gardaí advise that people be vigilant and:

1. Do not allow anyone to use your bank account. 2. Do not share personal bank account data. 3. Do not send or receive money. 4. Trust your instincts. If it sounds too good to be true it most likely is.

They also ask for anyone approached to facilitate money laundering to "say no and report the matter to Gardaí."

"If you agree to allow your account be used in this way you are committing the offence of money laundering," they warned.

"Money laundering is a serious offence which on convictions carries a penalty of up to 14 years imprisonment."

"This will have a serious impact on your future travel plans, career opportunities, vetting and credit ratings."

© 2020 by EMPWR

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