By: P.T., STA
As part of the latest effort to crack down on money mule schemes in Europe, a total of 81 cases have been investigated in Slovenia, in which 102 money mules have been identified. A total loss by legal entities and individuals of EUR 2.1 million has been prevented, the Bank Association of Slovenia announced on Thursday.
Money mules take part – often unknowingly – in money laundering activities by receiving and transferring illegally obtained money between bank accounts and/or countries.
The sixth European Money Mule Action (EMMA6), coordinated by Europol and involving law enforcement authorities from 26 countries, was conducted between 15 September and 30 November.
It resulted in the identification of 4,031 money mules as part of 1,159 criminal investigations. A total of 422 persons have been arrested in the sting that also involved the Slovenian police.
The operation featured more than 500 banks and financial institutions which helped to report 4,942 fraudulent money mule transactions, preventing a total loss of EUR 33.5 million, the Bank Association of Slovenia said.
According to the Slovenian police, a total of 81 cases have been investigated in Slovenia, in which 102 money mules have been identified.
In cooperation with the Office for Money Laundering Prevention, Slovenian banks and foreign security authorities, a total loss of EUR 2.1 million by legal entities and individuals has been prevented.
Money mules take part – often unknowingly – in money laundering activities by receiving and transferring illegally obtained money between bank accounts and/or countries.
They are recruited by criminals and paid a fee to launder money gained illegally through information or cyber fraud, including breaches into information systems, interception of business correspondence or re-routing of payments.
According to the Bank Association of Slovenia, the message of this year’s campaign is that people should be careful not to become a link in a money laundering chain.
“If you think that someone you know is a money mule, inform them immediately about the consequences of their acts,” it said, adding that suspicions should be reported to the police and the relevant bank.
The EMMA operation is part of a project implemented within Europol’s Cybercrime Payment Fraud Operational Action Plan, which targets cybercrime and money laundering and aims to raise public awareness in these fields.