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‘Money mules on the rise’

October 3, 2008 at 11:37 am

The concept of drugs being brought into the UK illegally by so-called drugs mules is not a new one, but fewer people will have heard of money mules. However, according to figures from APACS (The UK Payments Association) this is a growth “industry” for the unscrupulous or naive.

The association has detected a huge increase in the number of adverts for money transfer agents as they are often called. Criminals trying to move their ill-gotten gains from one country to another are often unable to do so because of safeguards in the banking system and so recruit people to “launder” the money. The mules receive the funds through their own bank accounts and then transfer it by wire transfer into the criminal’s account for a commission.

Almost 900 adverts were detected by APACS in the first six months of 2008, a staggering increase of around 700 compared with the same period in 2005. They have produced a leaflet available to download from their website advising the public on how to avoid being caught out. It is a serious offence to become caught up in, even if you have not personally been involved in any illegal activity per se, but just allowed your account to be used for this purpose. If you have given your bank account details to someone you do not know and are concerned that you may have unwittingly become involved, you should contact your bank for advice.

There’s no such thing as an easy way to make money and, if someone makes you an offer that seems too good to be true, it probably is!

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