Company chief ‘laundered cash for fraudsters’

A former payment services industry chief helped launder cash for fraudsters who carried out a £850,000 ‘boiler room’ scam, a court heard. Dominic Thorncroft, 56, led the Association of UK Payment Institutions (AUKPI) for 14 years while a director and 10 percent shareholder of the Money Services Bureau (MSB) called VS1. But Thorncraft resigned in November 2019 after he was accused of involvement in a money laundering scheme. Money Services Bureaus, like VS1, are businesses that transfer money without their…