AML expert advisor in UK convicted on multiple money laundering charges

On June 23, 2021, the Crown Prosecution Service (CPS) announced the conviction of UK money laundering expert Dominic Thorncroft for money laundering charges related to his failure to alert authorities of laundered proceeds that passed through his business bank accounts that were part of a £850,000 investment fraud that victimized more than 60 investors.  Thorncroft, the former chair of the Association of the UK Payment Institutions (AUKPI), a group that provides lawmakers and financial regulators with AML advice and training, was found guilty of one count of failing to alert authorities to money laundering, one count of breaching money laundering regulations, and four counts of retaining a wrongful credit, for allegations that his company Money Service Bureau (MSB) was used swindle investors and unlawfully transfer funds to Hong Kong and China.

The CPS reports that the Metropolitan Police launched an investigation in 2016 that was able to link Thorncroft to the investment fraud that occurred in 2014.  Prosecutors were able to demonstrate that because of Thorncroft’s expertise and substantial money laundering knowledge he should have known or at least suspected that the funds passing through the MSB accounts were unlawful proceeds, and as a consequence, his failure to alert authorities to the suspicious activity permitted the fraud to continue at the expense of more than 60 investors.

Crown Prosecution Service Press Release

 

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