Police and banks in Ireland warn of illegal money laundering operations

Ireland witnessed during this year money laundering operations estimated at about 12 million euros , which caused the occurrence of one hundred thousand cases of fraud.

Money laundering operations are carried out by victims receiving e-mail messages from fake sites similar to the locations of their bank accounts ,which reassures customers to transfer their money to fraudsters

The chief police officer told RTE NEWS that a large number of suspects have been investigated and more than 30 people have been arrested ,one of whom is only 16 years old.

Michael Crean ,an official from the National Bureau for Combating Economic Crime ,also warned ,’Money laundering operations are extremely dangerous and there is a firm indictment for people who carry out these fraudulent operations under the Money Laundering Legislation ACT,those who do so are subject to a prison sentence.

The Banking and Payments Organization also confirmed that 98% of the people targeted and used for money laundering operations are between the ages of 18-24 years, as gangs target students in schools and universities and users of social networks by offering job opportunities or asking to add friendship.

The authority also requires parents to talk to their children about this issue and to be certain if their children are spending more money than they should ,and how they use their bank accounts and the risk of money laundering

It is noteworthy that money laundering is a process carried out by some individuals or companies using money obtained through illegal methods such as drug trafficking and fraud ,these funds cannot pass through the legitimate financial channels recognized by the global financial system.

Money Laundering is carried out in several stages ,first to collect money from illegal sources , and then try to enter this money into the banking system , which is considered the most difficult stage.

Source:RTE NEWS