Money laundering is often thought of in terms of big business or property transactions, but new figures released this week by Financial Fraud Action UK (FFA UK) highlight the spread of a scam which dupes ordinary members of the public into becoming ‘money mules’.
The scam takes the form of fake job offers, often made online using titles such as ‘Money Transfer Agent’ or ‘Payment Processing Agent’. The recipient of the offer is invited to receive money into their bank account and transfer it to another account, retaining a cut for themselves.
In reality, the money received is stolen, often the result of fraud on accounts, and is then laundered to overseas bank accounts.
This activity is illegal and carries a number of consequences, including a prison sentence of up to ten years.
The research shows that these offers are received by around 15% of adults in the UK – with fraudsters specifically targeting people on low incomes. Of those who have received such an offer, a fifth (21%) admit to having considered accepting the work, and 6% went on to volunteer.
When extrapolated these figures mean that as many as 380,000 people could become unwitting money launderers.
According to DCI Dave Carter, Head of the Dedicated Cheque and Plastic Crime Unit, the scam is the work of determined international criminals, aiming to turn the public into an unwitting army of accomplices to fraud.
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