EXPLAINER: What is money muling and why can taking part land you 14 years in prison?

A quarter of people aged 18 to 24 would consider “money muling” and use their bank account to transfer money on behalf of someone else, according to Newstalk.

Almost €9.4 million was laundered through money mule accounts in the 12 months to June this year, according to FraudSMART, the fraud awareness initiative led by Banking & Payments Federation Ireland, according to a report by RTE.

The money moved through these mule accounts typically range between €5,000 and €10,000 per case.

According to An Garda Siochana, "a money mule is a person who transfers illegally obtained money between different payment accounts, very often in different countries, on behalf of others.

Money mules are also recruited by criminals to receive money into their bank account, in order to withdraw the money and in most cases wire it overseas, receiving a commission payment in return for the provided services.

Even if money mules are not involved in the crimes which generate the money (cybercrime, payment and on-line fraud, drugs and human trafficking, etc.), they are acting illegally by laundering the proceeds of crime, helping criminal syndicates move funds easily around the world and remain anonymous.

If you are caught acting as a money mule, even if done so unwittingly, you can face a prison sentence, fine or community service, and the prospect of never again being able to secure a mortgage or open a bank account.

The Banking and Payments Federation Ireland, and their Director of Communications Jillian Heffernan spoke to Newstalk recently about 'money muling'.

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Jillian said that young people are targeted via job adverts or through direct messages on social media with an offer to earn quick cash.

She explained that if you let the person send money to your bank account and then you send it to wherever they ask you to you get to keep a cut of the money.

Julian said there is two sets of consequences of money muling and that usually the people involved don't realise the seriousness of the crime. She said that often times the money involved is stolen from innocent people.

"Once you give details to criminals they might keep contacting you and even threaten you to keep going," she said.

"You can face up to 14 years in prison with the prospect of a criminal record....you could have trouble accessing financial features like bank loans....visas would be hard to get....career opportunities would be affected," Julian said.