Source: The post is based on the article “Fifth of suspected money mule cases involve under-21s” published in Independent on 11th July 2023
What is the News?
According to a report, young people under the age of 21 account for around one in five cases where money muling activity is suspected.
What is Money Muling?
Money muling is a type of money laundering.
A money mule is a person who receives money from a third party in their bank account and transfers it to another one or takes it out in cash and gives it to someone else, obtaining a commission for it.
Even if money mules are not directly involved in the crimes that generate the money (cybercrime, payment and on-line fraud, drugs, human trafficking, etc.), they are accomplices as they launder the proceeds of such crimes.
Simply put, money mules help criminal syndicates to remain anonymous while moving funds around the world.