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GFIU releases an e-learning workshop on ‘Money Mules’

Photo by PA.

The Gibraltar Financial Intelligence Unit (GFIU) has released a new workshop, ‘Money Mules’, on its e-learning platform, e-Nexus.

This comprehensive online workshop is designed to assist financial professionals in identifying, preventing and addressing the threat of money mule schemes.

Money mules are individuals who are exploited to transfer illicitly obtained funds and present significant risks to financial institutions and their clients.

Vulnerable individuals such as the elderly and students are often targeted, recruited and exploited by criminals.

These individuals are approached through various deceptive means, including job offers, online scams and social media, and are persuaded to transfer illegally obtained funds, often without fully understanding the implications.

The exploitation of these vulnerable persons not only puts them at risk of being involved in money laundering but also increases the cycle of financial crime, making education and awareness crucial in protecting these individuals and the integrity of the financial system.

Developed by the GFIU, the Money Mules workshop is an essential resource for professionals within the financial sector, focusing on the critical issue of their activities.

The workshop which offers in-depth knowledge and practical strategies to combat these threats effectively also raises awareness on the legal consequences of involvement in such activities.

e-Nexus is part of the GFIU’s outreach programme, Project Nexus, and was launched in October 2020.

In January last year, it won the Best Project Achievement award as part of the Public Service Excellence and Improvement Awards.

“Money mule schemes are a significant and growing threat within international financial centres,” said Director of the GFIU, Edgar Lopez.

“Our new e-Nexus workshop reflects our commitment to providing educational resources that address current challenges and enable financial professionals to take proactive measures in detecting and preventing financial exploitation."

The Minister with responsibility for Justice, Trade and Industry, Nigel Feetham, said: “I am happy to see the ongoing and valuable work that is being carried out by GFIU through their e-Nexus online outreach and engagement initiative and how it is expanding.”

“This initiative is invaluable in developing understanding and awareness in the public and private sectors of the risks of different criminal and terrorist typologies, and thereby assisting in combatting these illicit activities here and abroad.”

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