‘Money laundering? There’s no cash in it’

A former payment services industry chief told a court he had ‘nothing to gain’ from laundering the proceeds of a £850,000 boiler room scam. Dominic Thorncroft, 56, led the Association of UK Payment Institutions (AUKPI) for 15 years while a director and 10 per cent shareholder of the a 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 are businesses that transfer money…