Money Muling

Be Fraud Aware Money Muling

Money Muling

Money Muling is a type of money laundering

· A money Mule is someone who transfers or moves illegally acquired money on behalf of someone else.

· Criminal recruit money mules to help launder proceeds derived from online scams and frauds or crimes like Human trafficking and Drug trafficking.

· The majority of money muling incidents involving current accounts belong to those aged between 14-24.

· While Money Mulling might initially appear to be a quick fix for those struggling financially or want to make some extra money. Young people need to be aware that money muling is effectively money laundering and therefore a criminal offence.

· Criminal deliberately target teens and young adults when recruiting money mules so it is critical that this age group as well as their parents fully understand how these crimes operate and how they can avoid getting caught up in it.

· Money Mules are typically recruited through social media in what appears to be a friendly approach by the criminal offering easy money in return for something which appears to be as simple as opening a new current account on behalf of the criminal or using their own current account to lodge or transfer money.

Money Mule Herder

· A Mule Herder sells the idea of Easy Cash. Target “Families & Friends” through college etc.

· Contact can be made in person, through social media networks or instant messaging apps.

· They ask them to move their money through their bank account and offers them a cut.

· The opportunity to make easy money is presented as having no risks, using expressions such as ‘legit money’, ‘100% guaranteed’ and ‘same day cash’.

· They are told what to do and how much others have already earned for doing the same.

· The reason why this is needed can vary, but they will always be requested to give their bank account details.

Consequences of being a Money Mule

· Money Mules are being convicted for Money Laundering - Sec. 7 Criminal Justice (Money Laundering and Terrorist Financing) Act 2010.

· This conviction can have serious adverse effects for a person for;

- Future Applications for Mortgages and Loans,

- Job Applications for a number of careers incl. Jobs in Finance,

- Applications for Visas for USA, Australia Canada incl. J1 Visas

- Will be named in the Press.

- Section 7 Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 - Penalty on Indictment - Fine or Imprisonment for term not exceeding 14 years or both

What to do if you are suspicious

· If you suspect that you are caught up in a money mule or money laundering scheme, contact the Bank/ Credit Union, payment transfer Company ASAP and report to Gardaí.

· Break off all contact with the person. - DO NOT transfer any money.

· If you have received emails of this type do not respond to them and do not click on any links they contain.

· Stay alert for job ads and social media posts that promise easy money.

· If you happen to receive an offer in person, decline it and report it to the Gardaí