Q. With reference to Money Muling, consider the following statements::
1.Money muling is a financial practice that involves banks assisting in the transfer of funds between accounts.
2.Money Mule Actions are linked to cybercrime.
Select the correct statements using the codes given below:
Statement 1 is incorrect. Money muling refers to the illegal act of using individuals, often unwittingly or under false pretenses, to transfer money or goods acquired through criminal activities. This method is used by criminals to evade detection and make it harder for authorities to trace the illicit funds back to their source.
Statement 2 is correct. Money Mule Actions are commonly associated with various types of financial crimes, such as money laundering, fraud, and cybercrime.