The 4th Taskforce Meeting on Public-Private Partnership in Fighting Financial Crime in Ukraine, held on 9–10 December, brought together experts from both the public and private sectors committed to combating one of the most prevalent financial crimes in Ukraine: money mule activity.

Over two days in Warsaw, 50 Ukrainian and international financial sector experts collaborated to develop recommendations for understanding, preventing, detecting, and responding to the money mule threat in Ukraine. All of these insights are detailed in the report.

Key findings:

1. Diverse Money Mule Profiles: There is no single profile for a money mule. They span different age groups and backgrounds. Some mules are unaware that their accounts are being exploited, while others participate knowingly in exchange for payment. Recruitment mostly occurs online and adapts quickly to changing social conditions.
2. Money Mules as Part of Broader Criminal Networks: Money mule activity is often linked to larger criminal networks and multiple predicate offenses, such as fraud and tax evasion. Money mules are frequently a consequence rather than the originators of criminal activity.
3. Importance of Partnerships and Technology: Collaboration between banks, law enforcement, and public authorities significantly enhances detection and response efforts. RegTech solutions play a key role in uncovering money mule networks and identifying the organizers behind them.
4. Education and Awareness as Preventive Measures: Improving financial literacy and implementing targeted educational campaigns reduce individuals’ vulnerability, particularly among young people.
5. Regulatory and Legal Frameworks Enable Effective Action: Clear legal guidance, such as Article 75 of the 2024 Anti-Money Laundering Regulation (AMLR) and the Economic Crime and Corporate Transparency Act 2023 (ECCTA), facilitates information sharing while ensuring compliance with data protection regulations.

Discover more by reading the full report and explore practical recommendations on how to effectively counter money mules in Ukraine.