Research & Analysis

Money Mules in Ukraine: A Growing Threat to Financial Stability and Security

Authored by Oksana Ihnatenko and Mark Karandas, this research briefing delves into the growing phenomenon of money mules in Ukraine and reviews the current responses to this threat.

The widespread use of money mules in Ukraine presents significant risks to the national economy, financial system, and social stability. These schemes became more prevalent during the Covid-19 pandemic and intensified further following the full-scale invasion in 2022.

The research examines the factors driving the rise in money mule activity, the state’s current response, and the existing legislative framework. It also explores emerging trends in money mule behavioural patterns, shedding light on how these schemes evolve over time, and assesses their broader impact on society and the economy.

Alongside an analysis of the current situation in Ukraine, the briefing highlights relevant international experience, showing how other countries are addressing this growing threat.

Discover our research briefing to gain a deeper understanding of the money mule phenomenon, its behavioural dynamics, and its implications for Ukraine’s financial security