Money mules laundered €9.4m over 12 months

BPFI warns young people of suspicious approaches to facilitate the transfer of cash through their accounts

BPFI head of financial crime Niamh Davenport: 'Criminals are increasingly using social media to target teenagers and young adults, luring them with cash or gifts to act as money mules.'

Young people have been advised to be aware of suspicious approaches to facilitate the transfer of cash through their accounts, with data showing that €9.4m has been laundered through money mules in the year to the end of June.

A money mule is someone who receives stolen money or proceeds of crime into their account and transfers it to another, often in return for money or an expensive gift. Facilitating laundering is a serious offence and can result in a criminal record and a prison sentence.