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 Post subject: Ebbs & flows: Banking remittances in & out, Ireland 2016
PostPosted: Wed Sep 12, 2018 4:16 pm 
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Spotted this fascinating thread on politicalirish.com - Where does money go when it is sent out of Ireland? Lots of places but Nigeria once again tops the Bill for where it ends up-at $433 MILLION in 2016!

Quote:
Yes folks I have finally managed to track down the latest World Bank figures on remittances from Ireland that leave here and end up elsewhere

The latest figures are for the year 2016 but I have no doubt that nothing much has changed since

These are the figures in multiples of US Dollars BTW

Nigeria 433.293,448
United Kingdom 253.913,023
Poland 202.183,230
France125.492,134
India 91.002,598
Lithuania 78.139,182
Latvia 76.969,883
China 72.8445
Philippines 71.354,073
Hungary 68.184,566
Spain 67.252,538
United States 55.608,105
Germany 51.682,964....


The posters cited this link - http://worldremittances.info/country/ireland

A later poster noted

Quote:
United Kingdom 2016 Remittances

COUNTRY $ MILLION

NIGERIA 3 771.104641
INDIA 3 585.169757
FRANCE 1 711.895419
PAKISTAN 1 697.177188


Then another user notes Nigerina inflows do not even make the top 10.

Quote:
Incoming - the Top 10 that send their dosh here:

United Kingdom 312.894133
United States 109.241872
Australia 58.773519
Canada 19.702887
Spain 12.918907
Germany 12.357050
South Africa 9.021549
France 7.450474
New Zealand 6.858288
Poland 6.169047


What does this all mean?

Surely people are wise to the email scam at this point? :o

However being a little more serious. My initial reaction was money is being brought into the country somehow (maybe physically) and is simply being laundered back to Nigeria and sure isn't it grand (the fees lads!).

How can there be such a imbalance or is it all perfectly normal/what did I miss?

I've stopped at this point without further time to dig. Nor do I know if the figures pertain to all banks accounts regardless or are one group over another, say personal accounts, i.e. non commercial again maybe someone has some industry insight could put this in context.

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 Post subject: Re: Ebbs & flows: Banking remittances in & out, Ireland 2016
PostPosted: Wed Sep 12, 2018 6:48 pm 
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https://www.irishtimes.com/news/crime-a ... -1.3620447

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 Post subject: Re: Ebbs & flows: Banking remittances in & out, Ireland 2016
PostPosted: Wed Sep 12, 2018 8:25 pm 
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Nigeria has topped the charts for money out of Ireland for some years now from reports I've seen on various websites. And has any Irish journalist worth his salt wrote about it...of course not. They're too busy writing opinion pieces to educate the messes. And don't even bother asking if the Irish authorities have looked into it


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 Post subject: Re: Ebbs & flows: Banking remittances in & out, Ireland 2016
PostPosted: Thu Sep 13, 2018 12:18 am 
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What's the interest rate in those countries?
I've an Irish account but nothing much in it, interest rates are horrible


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 Post subject: Re: Ebbs & flows: Banking remittances in & out, Ireland 2016
PostPosted: Thu Sep 13, 2018 9:22 pm 
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yoganmahew wrote:
https://www.irishtimes.com/news/crime-and-law/fraud-cartel-controlled-300-irish-bank-accounts-and-stole-15m-1.3620447


Buried midway in the story.

Quote:
Some of the people targeted were claiming unemployment and other social welfare benefits while living in rented houses paid for by the State.


The very last paragraph.

Quote:
Some of the individual frauds have involved very large amounts of money. In February it emerged more than €750,000 was stolen, mostly from Dublin Zoo and Meath Education and Training Board.


This story involves a lot of money, the final figure unknown. This is a lot of victims. There is something rampant but seemingly under-reported going on here. What do people think?

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 Post subject: Re: Ebbs & flows: Banking remittances in & out, Ireland 2016
PostPosted: Thu Sep 13, 2018 9:33 pm 
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Open Window wrote:
This story involves a lot of money, the final figure unknown. This is a lot of victims. There is something rampant but seemingly under-reported going on here. What do people think?

I think your use of "seemingly" is disgraceful. You haven't seen it, so it's under-reported? I provided you a link where the Gardai (may the sun long continue to shine out of their fat hairy arses) are actually taking action.

Personally I think it's probably drug/gang money and Nigeria is a bribable place to launder it through. As you say, it may come in in cash and be laundered through scammers accounts - the scams being a lucrative cover for a bigger washing operating.

The stories will come as they bust the operations I reckon and not before. "Exclusive: us telling you this let these crims leg it" makes for poor headlines.

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 Post subject: Re: Ebbs & flows: Banking remittances in & out, Ireland 2016
PostPosted: Thu Sep 13, 2018 9:54 pm 
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yoganmahew wrote:
Open Window wrote:
This story involves a lot of money, the final figure unknown. This is a lot of victims. There is something rampant but seemingly under-reported going on here. What do people think?

I think your use of "seemingly" is disgraceful. You haven't seen it, so it's under-reported? I provided you a link where the Gardai (may the sun long continue to shine out of their fat hairy arses) are actually taking action.

Personally I think it's probably drug/gang money and Nigeria is a bribable place to launder it through. As you say, it may come in in cash and be laundered through scammers accounts - the scams being a lucrative cover for a bigger washing operating.

The stories will come as they bust the operations I reckon and not before. "Exclusive: us telling you this let these crimes leg it" makes for poor headlines.


I thank you for the link but get over yourself ffs I generally post in the rhetorical when asking questions and writing but I take your point about timing the release of the story but again this must be going on a long time.

The amount of money is rather huge, firstly in the remittance stats.

That IT story looks like a button on a coat, the whole picture is mind-boggling, thus under-reported/barley detected. Whatever. Reading that one article points to a much much bigger thing happening over years as you also perceive, maybe going over the billion.

There may be a bigger problem with Bank account security we are not being told but I'm guessing like all security the weak point being the account holder themselves despite the best attempt or not of the Bank.

I'm sure the Banks are on it but there are clearly very easy ways for people to be scammed.

I wonder what happened at Dublin Zoo. I don't know but anecdotally peoples experience dealing with their banks might add some insight. I hear they're rather twitchy at present. What about Liveline usually something like this make it to liveline or is it the the optics are way out of whack with officialdom "la-la-la-la-la" narratives? That has to be considered. We all know what Mr Varadkar's priorities and plans have been in terms of public perception and perception management.

I became aware of a scam in another industry which I thought odd because "why would you fall for it", but now reading this article I would not be surprised if this was one of their channels/pockets to pick and hit so many other industries/companies with ident-i-kit roll out.

I'm also assuming the reason there hasn't been much shred anecdotal chatter is most people are not aware of the source of simple phishing only the damage to their account while the Bank handles the follow up in the background.

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 Post subject: Re: Ebbs & flows: Banking remittances in & out, Ireland 2016
PostPosted: Thu Sep 13, 2018 10:00 pm 
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Dublin Zoo and Meath CC were caught out by invoice redirecting.

But I agree, that IT story is but a drop in the ocean on the amounts being remitted to Nigeria from here over the past 10+ years. So it's a valid question as to why this is not attracting more attention from both law enforcement and the media


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 Post subject: Re: Ebbs & flows: Banking remittances in & out, Ireland 2016
PostPosted: Thu Sep 13, 2018 10:15 pm 
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FreeFallin wrote:
Dublin Zoo and Meath CC were caught out by invoice redirecting.

But I agree, that IT story is but a drop in the ocean on the amounts being remitted to Nigeria from here over the past 10+ years. So it's a valid question as to why this is not attracting more attention from both law enforcement and the media


Here is a story from 2013

Quote:
Nigerians send nearly €500m a year home from Ireland
JEROME REILLY
May 19 2013 5:00 AM

NIGERIAN migrants here are now sending nearly half-a-billion euro back home each year. World Bank figures reveal that €468m in 'remittances' was sent from Ireland to Nigeria in 2011.

That's an average of more than €26,000 for each of the 17,642 Nigerian nationals in Ireland, including children.

This is far in excess of the sums sent home by Poles from Ireland. They sent $224m (€174m), even though there are more than 122,000 Polish people in the country.

Read more here: https://www.independent.ie/irish-news/n ... 78045.html


Plus a boards thread from that time for anyone who wants to go digging - https://www.boards.ie/vbulletin/showthr ... 2056952051

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