GARDAÍ HAVE APPEALED to younger people not to allow criminals to use their bank accounts to launder stolen or illegal money.
The warning follows the arrest of a man in his early 20s in West Cork last week in relation to suspected money laundering. The man is believed to have allowed a large quantity of cash to be lodged and transferred using his account.
Gardaí said situations like this normally involve a person known as a ‘money mule’.
“The practice usually involves criminals recruiting young people to help launder stolen or illegal money using their bank account – often unwittingly,” they said in their warning today.
“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.”
The man who was arrested last week was detained under Section 4 of the Criminal Justice Act and later released. A file will be prepared for the Director of Public Prosecutions.
Gardaí said ‘money mules’ are complicit in the crime if they “recklessly allow their account to be used to launder the proceeds of these crimes”. The offence of money laundering on conviction carries a penalty of up to 14 years imprisonment.
“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.”
Anti-money laundering legislation is designed to prevent organised crime gang members from opening up accounts so they need ‘money mules’ to launder their money.
Gardaí said students are an easy target for these ‘money herders’ and they are often approached online, on campus, or while out socialising.
Anyone who is approached to facilitate this crime is advised to report the matter to gardaí.
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