In a story that should be a warning to us all, Irish newspapers are all reporting that An Garda Siochana (Irish Police Service) have reportedly uncovered a widespread scam in which drug dealers are using mortgage fraud to launder their cash. Reports this morning say criminals are buying up houses in the names or relatives or trusted associates and then getting help from rogue financial brokers to establish a false earnings and savings history for the individual.

Once the mortgage has been approved, the dealers make the repayments every month, thereby laundering the proceeds of their illegal activity. This morning’s reports say some dealers being investigated by the Gardaí have bought up to six houses and are using them to launder up to €10,000 ($12,600) a month. Use the references above to read more on this.