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Friday, March 29, 2024

BSP warns public vs ‘money mules’

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The Bangko Sentral ng Pilipinas on Tuesday warned the public against the practice of criminals of using “money mules” in their illegal activities, especially money laundering which is a criminal offense punishable under the Anti-Money Laundering Act of 2001.

Money mule, according to the Money Laundering, Forfeiture and Bank Fraud Unit of the Federal Bureau of Investigation of the US Department of Justice, is someone who transfers illegally acquired money on behalf of or at the direction of another.

Criminals recruit mules to move money electronically through bank accounts, move physical currency, or assist the movement of money through a variety of other methods.

“In recent years, criminals have shifted to using money mules to move their dirty money out of the financial system. These criminals rely on money mules to safely and discreetly launder the proceeds of their illegal activities,” the BSP said.

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“Money mules are inherently dangerous, as they add layers to the money trail from a victim to a criminal actor,” it added.

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