20241004 - Man accused of having €335k in crime proceeds after 'romance fraud' investigation

Written by a www.MoneyLaundering.ie Guest Contributor
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1.  Summary

• A suspect was charged in connection with possessing €335,000 in alleged crime proceeds after a Garda investigation into a "romance fraud" scheme.
• The investigation by the Garda National Economic Crime Bureau (GNECB) revealed that the funds were suspected to be proceeds of crime obtained from victims through romance scams.
• The offenses allegedly took place between February 2017 and February 2020, with additional charges linked to transactions in 2021.
• The suspect has been prohibited from using dating websites as part of bail conditions and will face trial at a later date.
• The case involves international victims, including a person from Finland.

2.  What’s interesting

• For AML professionals, this case is notable due to its connection to a "romance fraud" typology, where significant crime proceeds were funneled through personal relationships.
• It highlights the importance of monitoring unusual financial transactions linked to personal accounts, as romance scams often involve victims unknowingly laundering funds. 

Source:

• https://www.breakingnews.ie/ireland/cocaine-worth-e6m-seized-as-garda-investigation-targets-major-irish-crime-cartel-1672903.html
• https://www.rte.ie/news/crime/2024/0917/1470476-drug-seizsure/