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MONDAY – MONEY LAUNDERING

Did you know that criminals use social media to recruit young people to launder the profits of their crimes? Money laundering is a process that disguises the source of criminal money in order to make it appear legal. Criminals disguise the source of their money by using a young person’s bank account to transfer their money from one account to the next. It’s easy to be tricked, but there’s no such thing as easy or quick money. The money that criminals put into your bank account comes from criminal activity such as fraud, scams, and the selling of drugs. When the money comes out of your account it can go on to fund further crimes such as drug dealing and people trafficking. When you give the criminals your bank details, the money is drawn out as quickly as it goes in and then you are left with the consequences.

Did you know that laundering money is illegal?

The consequences can include your bank account will being closed and possibly suspended for five to seven years, you will have problems getting student loans, mobile phone contracts and mortgages in the future. You could even be arrested for money laundering which carries a maximum sentence of 14 years in prison.

What to do if you find yourself in this situation:

If you are worried that you have given out your bank details you should speak to an adult that you trust. You should also contact your bank as soon as possible, they have specialist teams who will be able to help you. You should also contact the police.

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