Industry chief laundered a fortune for fraudsters

A former payment services industry chief has been convicted of helping launder cash for fraudsters who carried out a £850,000 ‘boiler room’ scam. 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. Thorncoft held himself out as a money laundering expert whose role was to protect members of the public and businesses from economic crime. But at the same time…