Illegal money flows into Ireland… €12m worth of transactions in six months
Dublin: The Rise of the Illegal Money Mafia in Ireland. Ill-gotten gains have been found to be flowing out of the country just as money is flowing into the Irish market.
According to the latest figures from the Banking and 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 transactions of at least 4,000 euros were made through one account.
Money laundering is the transfer of illegally obtained funds through various bank accounts in the names of other people. Money lenders target children, young people, and those facing financial problems.
New ventures.
It is said that many fake investors, including those from Asian countries, are coming to Ireland in search of money-laundering entrepreneurs. These foreign investors are engaging in international money laundering transactions by taking money from this country and laundering it elsewhere.
Some accounts belonging to 15-year-olds were also found through the ‘FraudSmart’ project led by BPFI in collaboration with banks. Traffickers entice children and young people by offering them money.
The BPFI’s head of financial crime, Niamh Davenport, stated that they were targeting economically vulnerable groups such as the unemployed and those in financial difficulty.
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