Dublin: Money laundering is rife in Ireland. According to the latest figures from the Banking & Payments Federation of Ireland (BPFI), €12 million in laundered money passed through 3,000 accounts in the first half of the year alone.
Surprisingly, the majority of these accounts were discovered to belong to people aged 18 to 24. It is estimated that at least 4,000 euros were transacted through one account. The organisation warns that such criminal transactions may increase during the winter months as the cost-of-living crisis worsens.
Money laundering is the transfer of illegally obtained funds through various bank accounts in the names of other people. Moneylenders target children, young people, and those in financial difficulty. These people can easily fall into the net because they can get money. In comparison to last year, BPFI reports that more than twice as many mule accounts have been opened. Most of these transactions have been done by targeting international students.
Niamh Davenport, the BPFI’s head of financial crime, stated that the ‘fraudsmart’ scheme led by the BPFI in collaboration with banks had also discovered some accounts held by 15-year-olds. She warned that as the economic downturn worsens, money-laundering criminals will become more active.
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