Money laundering or money muling, commonly affects students, and this goes beyond the usual scam and is regarded as serious fraud, and usually connected to organised crime.
Getting involved in this type of activity is a crime and can have serious consequence for you and your future.
What is money laundering?
It's important for you to be vigilant about your finances so that you don't accidentally become a target of Money Mule scams.
These are activities where a scammer will ask you to store money illegally in your account in return for a small reward. This is money laundering, and you can be convicted for this offence. It is one of the ways criminals use to make their profits more difficult to trace.
If you willingly accept the money and then re-transfer it later on, there will be no way to prove that you didn’t know how the money was sourced originally. You also won’t know where the money is going; these groups often use the money to fund criminal activity such as drug dealing, human trafficking or even terrorism.
Important to know: Money laundering has the maximum sentence of up to 14 years in prison. It will also greatly affect your future – your bank account will be closed, and you will be unable to access credit in the future.