International money laundering crackdown sparks 168 arrests

In the fourth such international swoop of its kind, known as the European Money Mule Action, a combined team from Europol, Eurojust and the European Banking Federation identified 1,504 money mules and 140 money mule organisers.

Law enforcement agencies from 30 nations, including France, Germany, Ireland, Italy, Spain, Australia, Switzerland, the United Kingdom and the United States, also collaborated on the initiative.

A statement from the European Banking Federation said: “More than 300 banks, 20 bank associations and other financial institutions helped to report 26,376 fraudulent money mule transactions, preventing a total loss of €36.1m. The wider community of global and European banks provided support where needed during the three months of action and committed to raising awareness in their country.”

Money mules are individuals who, at times unwittingly, are recruited to hide the origins of illicit funds for criminal organisations in exchange for the promise of easy money.

“Newcomers to a state, the unemployed, and people in economic distress often feature among the most susceptible to this crime. This year, cases involving young people selected by money mule recruiters are on the rise, with criminals increasingly targeting financially-distressed students to gain access to their bank accounts,” said the European Banking Federation.

With social media increasingly being used to recruit mules, an awareness campaign dubbed #DontBeAMule has been launched to give information on how to avoid falling victim to criminal gangs and what members of the public should do if they have been duped into working as a mule.