If you do this, it’s money laundering. And you’ve become what is known as a “money mule”.
Acting as a money mule can lead to long-term consequences if you’re caught, even if you didn’t know where the money was coming from or going to. Your savings accounts will be frozen or closed, and you could end up serving prison time.
Money laundering is used to hide money earned through criminal activity. And it funds serious crimes such as terrorism, proliferation financing, drug trafficking and people smuggling. Getting involved with these people could put you, your savings and your family at risk.
How to protect yourself
- Be suspicious and trust your instincts – if it sounds too good to be true, then it probably is.
- Financial Institutions and genuine businesses will never ask you to do this.
- Never open a savings account in your name for anyone else.
- Never disclose account details and passwords to anyone else.
- Remember, if a criminal convinces you to make a withdrawal to give to them, it may be difficult or impossible to recover your money.
You can read more about protecting yourself on our how to keep yourself safe page.
What to do
If you think that you know someone is recruiting money mules, you can protect victims by reporting them. Call your local police on 101 or 999 in an emergency.
If you prefer not to give your details to the police, you can contact the independent charity Crimestoppers anonymously online or by calling 0800 555 111.