Muling

We do not have them here although we pretty much know what mules are.

- ALEX MAGNO

They are relatively untrainable animals, precious as beasts of burden. We know what drug mules are. The term is used to refer to individuals used to transport illegal drugs from one place to the next. Some of them are unaware they are participating in a criminal act. Such unawareness, however, cannot be used as a mitigating factor when they are caught and charged.

Not many outside the arcane world of finance are unaware about “money mules.” These are persons used knowingly or unknowingly to move money from one account to another in an effort to conceal their illicit sources.

“Money mules” are one of the remaining loopholes in the global effort to fight money laundering – especially money generated by organized crime and those used to fund terrorism. The beneficial owners find persons willing or able to have money transferred to their accounts and then subsequently transferred again to a fourth party.

Recall the money originating from a Bangladeshi bank and coursed through a Filipino bank. The money was subsequently withdrawn in cash and delivered to a designated receiver. The only reason this scheme was busted was because the amount involved was staggering. The money transfer stood out like a sore thumb.

In most instances, “money mules” receive a small commission for agreeing to transfer money through their accounts. In some instances, they often do the transfer as a favor to someone else.