Garda’s Focus on Money Laundering Arrest Could Break Records in Ireland

From the start of 2024, massive arrests linked to money laundering have been observed.  The “surge in money laundering arrests” is expected to break all the previous records set during “pandemic years” when scam-related crimes have been raised.

By the end of 2024, Approximately 650-700 arrests are anticipated. Law enforcement body “Garda” has shifted its focus from “drugs and guns” to anti-money laundering activities.

2024 Arrests Expected to Reach New Heights

• According to the data, from January 2024 to September 2024, the number of arrests was almost the same as in the 2023 year.
• Expected arrests at the end of 2024 are about to hit between “650 to 700,” which is ten times more since 2018.

Significant Increase in Money-Laundering Investigations

According to Garda;

• the number of arrests has been rising due to changes in the type of crime and Garda’s increased attention towards “identification and investigation” of money laundering operations.
• the previous focus of investigations into groups engaged in drug-related trade was primarily on “Drugs and Guns.”

However, many of these investigations have significantly shifted the current emphasis towards money laundering.

Changing Criminal Landscape

A spokesperson from Garda stated, “With some of these groups, they have sophisticated money operations in place.”

“We’ve found separate money-laundering structures within some of the bigger gangs, who really only look after the money, laundering it, getting it out of the country, and so on.”

Garda’s Spokesperson

Read Also:

• Swiss Regulator Penalizes Mirabaud Bank $15M for AML Compliance Failures
• Swedbank’s Ex-CEO Bonnesen Sentenced to 15 Months for Misleading AML Statements
• Lebanese Authorities Arrest Ex-Central Bank Governor Riad Salameh for embezzlement

Impact of Cybercrimes and Mules

• Investigations related to money laundering have increased due to increased cyber-related crimes and the number of people who permit criminals to use their bank accounts for fraudulent activities.
• Among them is the money laundering group known as the “Black Axe gang,” which operates internationally and has roots in Nigeria.
• It employs recruiters and agents in Ireland to find and hire “mules,” people who are convinced to let the criminals use their bank accounts to receive funds obtained by money laundering activities and show them as legitimate funds.
• They are promised a heavy amount to be paid for this purpose.
• Money laundering refers to any attempt to hide the source of funds to look legitimate or “clean money” by transferring funds using bank accounts within or across the countries.

Money-Laundering Arrests Set to Surpass Past Records

• 508 money laundering arrests have been made up to the last week of this year in Ireland, and it is the same as in the previous year.
• If the pattern of arrests continues from January 2 to September 2024, it is predicted that by the end of the year, almost “650 to 700” arrests will have been made.
• There are expected to be more than “516 arrests,” surpassing the record set in 2021 due to a significant increase in scam-related crimes during the pandemic.
• 53 people were arrested in 2017 in charge of money laundering crimes; this number increased to 84 in 2019.
• 295 arrests have been observed in 2020.
• Barely over “500” arrests in each of the previous three years, this year has seen a sharp surge in arrests.

Legal and Training Developments

In response to inquiries, Garde Headquarters reported that “a significant increase”  has been seen in the use of “section 11 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010” by gardaí.

• A person can be charged even if there is no solid proof of “a predicate offense,” which means the original crime created money.
• If there is “a reasonable belief that a suspect’s money or assets have “come from illegal means and outside of their means,” the charge will be continued.
• The “Garda National Economic Crime Bureau” has also provided “outreach training and awareness” nationwide for gardaí.
• As per media sources, the  Garda stated, “Courses are run on an annual basis to train Garda members in the process of identifying and investigating incidents of money laundering.”