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Gardai warn against money laundering

July 13th, 2020 3:32 PM

By Jackie Keogh

Young people are cautioned against allowing their bank accounts be used by criminals.

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The arrest of a young man in West Cork in relation to money laundering should serve as a warning to others not to let their bank accounts be used by criminals.

That’s according to a garda spokesperson, who outlined how the man in his 20s was used as ‘a money mule by money herders.

Gardaí said the man – who allegedly allowed a large quantity of cash to be lodged and transferred using his account – was detained under Section 4 of the Criminal Justice Act, but later released.

A file on his case has been sent to the Director of Public Prosecutions and he may face charges under money laundering legislation.

The spokesperson warned students are an easy target for criminal gangs and that sometimes the offer of making ‘a quick buck’ can lead young people into criminality.

The spokesperson said young people are often approached online, on campus, or while out socialising and that anyone caught laundering money – even if they do so unwittingly – can face serious charges.

Anti-money laundering legislation has proven effective in preventing organised crime gangs from opening up accounts so they need money mules to launder their money.

The spokesperson said that money mules can end up laundering thousands of euro through their accounts in exchange for a few hundred euro.

He advised:

1. Do not allow anyone to use your bank account.

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

He said, ‘If you are approached to facilitate this crime. 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. 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.’

 

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