UK Fraud Squad warns expats abroad over money laundering scam

Published:  16 May at 6 PM
Want to get involved? Become a Featured Expat and take our interview.
Become a Local Expert and contribute articles.
Get in touch today!
Britain’s scam-buster agency is publicly warning expats living abroad to watch out for a money-transfer scam by organised crime gangs.

Action Fraud, an arm of the National Fraud Authority and the National Fraud Intelligence Bureau, warns that many expats are being approached via phone calls, emails or letter to participate in an innocent-seeming, straightforward money-making scheme. Advertisements in expat newspapers and online are also being used to trap the unwary.

The process is deceptively simple, with the expat receiving funds sent to his overseas bank account, when are to be withdrawn in cash and sent on to a named recipient. A commission of 20 per cent is paid for the ‘service’.

The truth of the matter, according to Action Fraud, is that the transfer is made by a member of an organised crime gang and the recipient is an overseas member of the same gang. The scheme is blatant money-laundering and is a serious crime resulting in equally serious criminal charges against anyone known to have cooperated.

An Action Fraud spokesperson explains that money laundering disguises the proceeds of criminal activity by making it appear that funds are sent from a legal source, The most efficient way to do this is to pass the funds through several bank accounts.

Sums transferred are usually substantial, with 20 per cent commission a tempting offer to expats living on pensions affected by currency fluctuations or frozen by the UK government. Criminals are also hitting on those using the internet to advertise for work-from-home jobs, with the position offered described as ‘account manager’ or suchlike and the amounts described as charity donations or share trading funds.
Like this news?

Comments » No published comments just yet for this article...

Feel free to have your say on this item. Go on... be the first!

Tell us Your Thoughts On This Piece:

Your Name *
Email * (not published, needs verification one time only)
  • Facebook
  • Follow us on Twitter
  • RSS feed
  • Facebook

Latest Headlines

News Links

News Archive