02 December 2020

JOINT PRESS RELEASE: 422 arrested and 4,031 money mules identified in global crackdown on money laundering

422 arrested and 4,031 money mules identified in global crackdown on money laundering; EBF partners with Europol, FinTech FinCrime Exchange, INTERPOL and Western Union in European Money Muling Action

Today, law enforcement authorities from 26 countries and Europol announce the results of the European Money Mule Action ‘EMMA 6’, a worldwide operation against money mule schemes. Between September and November 2020, EMMA 6 was carried out for the sixth consecutive year with the support of the European Banking Federation (EBF), FinTech FinCrime Exchange, INTERPOL and Western Union. As a result, 4,031 money mules were identified alongside 227 money mule recruiters, and 422 individuals were arrested worldwide.

During the span of the operation, 1,529 criminal investigations were initiated. With the support of the private sector including more than 500 banks and financial institutions, 4,942 fraudulent money mule transactions were identified, preventing a total loss estimated at €33.5 million.

The European Banking Federation, together with member bank associations across Europe supported the action for the fifth time.

Don’t become a link in the money laundering chain

Money mules are individuals who, often unwittingly, have been recruited by criminal organisations as money laundering agents to hide the origin of ill-gotten money. Unaware that they are engaging in criminal activities, and tricked by the promise of easy money, mules transfer stolen funds between accounts, often in different countries, on behalf of others. In exchange, they receive a commission for their services.

While mules are recruited via numerous routes such as direct contact or through email, criminals are more and more turning to social media to recruit new accomplices, through the advertisement of fake jobs offers (e.g. ‘money transfer agents’), online pop-up ads and instant messaging applications. Although some COVID-19 related cases have been reported, payment process compromise and romance scams continue to be the most recurrent schemes. The use of cryptocurrencies by money mules is also on the rise.

This week, Europol and EU law enforcement authorities together with international partners and financial institutions will launch the #DontBeaMule campaign to raise awareness among the public on the risks of money mule schemes.

The campaign, promoted nationally by competent authorities, will aim to inform the public about how criminals operate, how they can protect themselves and what to do if they become involved.

What do you risk as a money mule?

• physical attacks or threats if you don’t continue to cooperate with the criminals;
• prison sentence, fine or community service;
• a criminal record that could seriously affect the rest of your life such as never being able to secure a mortgage or open a bank account.

EBF

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