20241024 - 26y.o former Bank of Ireland Employee jailed for 3 years. Several others convicted of laundering

Funmi Abimbola jailed for three years

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What Happened?
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Funmi Abimbola, a 26-year-old bank worker from Ireland, has been sent to prison for three years for aiding the Black Axe organised crime group in money laundering operations. Abimbola was in fact sentenced in the Circuit Criminal Court today to five years in prison with two suspended. 

​Black Axe, known as a highly dangerous transnational organisation, is involved in various criminal activities, including fraud, trafficking, and violent crimes. Abimbola, who had a master's degree and a respectable position at the Bank of Ireland, was responsible for managing money mules and handling accounts for the group in Ireland. His criminal activities were uncovered during a broader investigation by the Garda National Economic Crime Bureau (GNECB) and Interpol into the Black Axe organisation.
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Abimbola's involvement became apparent after the investigation into a €1 million invoice redirection fraud from a solicitor’s office. Authorities found him using false identities, purchasing items with laundered money, and coordinating through encrypted messaging platforms with other members of the criminal group. Despite being initially released on bail, Abimbola fled to the UK but was later extradited back to Ireland, where he received a five-year sentence, two of which were suspended. Several other individuals associated with the money laundering scheme received suspended sentences.

Of the €1m stolen from the solicitor’s office €700,000 of that money was recovered and ten people were convicted of laundering the money.

Judge Pauline Codd said that he was "effectively oiling the wheels" of this crime.  The judge also noted the irony of Abimbola having worked for Bank of Ireland during the commission of some of the offences. 

Gardaí and Interpol have been focused on the activities of the organised crime group known as Black Axe which originated in West Africa but has a global footprint. Black Axe has been  involved in online fraud, human trafficking, drugs and gun crime as well as murder.

Others convicted include:

• Cameron Fanning 25 - pleaded guilty to two counts of money laundering from the solicitor's firm on 9 November 2020 and one count of giving false information about his bank account to gardaí. Sentenced to three and half years in prison, suspended in full on strict conditions.
• Mubarak Salawu, 22 - pleaded guilty to one count of money laundering in relation to the stolen monies which were credited to his account and an unrelated charge of possessing a pair of €600 Balenciaga runners bought from the proceeds of crime. Suspended two-year prison sentence.
• Olumide Lawal, 27 - admitted two counts of money laundering and possession of a €900 iPhone bought using the proceeds of crime. Given a suspended two-year sentence.
• Aaron Clancy, 21 - pleaded guilty to possessing €3,020, the proceeds of money laundering, in relation to the solicitor's firm and a further unrelated count of possessing €4,650, the proceeds of crime.  Received a suspended prison sentence of two years.

Lessons for MLROs

This case underscores critical areas of focus for Money Laundering Reporting Officers (MLROs):

1. Enhanced Employee Monitoring: Abimbola’s role as a bank employee gave him the knowledge to exploit bank systems. MLROs should implement robust internal controls and monitor employees in sensitive roles to detect unusual behavior patterns.
2. Fraud Detection: The invoice redirection fraud highlights the need for vigilant detection systems around financial transactions, particularly large sums and high-risk entities.
3. Cross-Border Collaboration: The transnational nature of Black Axe’s operations exemplifies the importance of cross-border cooperation in identifying and curtailing complex money laundering schemes.
4. Rapid Response to Suspicious Activity: Abimbola’s case illustrates that quick responses to internal and external red flags—such as abnormal bank transactions, unusual cash handling, or interactions with known criminals—can prevent escalation and assist in ongoing investigations.
5. Adaptation to Evolving Criminal Methods: Criminal tactics constantly shift, as shown by Black Axe’s pre-pandemic strategies compared to their current operations. Continuous learning and adaptation are essential for MLROs to stay ahead of evolving threats.

Sources:

• https://www.rte.ie/news/courts/2024/1023/1477127-funmi-abimbola-crime-gang-jailed/
• https://www.breakingnews.ie/ireland/bank-worker-jailed-for-money-laundering-and-assisting-organised-crime-1686765.html
  
• https://www.irishtimes.com/crime-law/courts/2024/10/24/bank-worker-jailed-for-laundering-money-for-black-axe-international-crime-gang/ (limited free access)

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