Editor’ s note: The defendant, Dominic Thorncroft, contacted us in 2023. He emphasised that the court had always accepted that, while there were reasonable grounds to know or suspect it,  he had not actually  known about the money laundering by third parties and had never benefited financially from it.

An Orpington money laundering expert has been found guilty of financial crimes after allowing fraudsters to transfer their proceeds abroad through his business.

Dominic Thorncroft, 56, of Chesfield Lane, was the former Chair of the Association of UK Payment Institutions, working with lawmakers and financial regulators to provide anti-money laundering advice and training.

Police began investigating him in 2016, after they found evidence linking him to an investment fraud which took place in 2014.

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They discovered his Money Service Bureau business had received nearly £850,000 from 60 victims who were persuaded to invest in a non-existent money-making scheme.

Most of the money was then transferred out of Thorncroft's account and onto fraudsters based in Hong Kong and China.

The CPS and police were able to prove that Thorncroft should have known or suspected that the money passing through his business’s bank accounts was criminal property.

Despite his substantial knowledge and expertise of money laundering, he failed to alert the authorities to the suspicious activity, allowing it to continue.

Following a trial at Southwark Crown Court which began on June 1, Thorncroft was last week found guilty of failing to submit a suspicious activity report, four counts of retaining unlawful credit and breaching money laundering regulations.

He was bailed and will be sentenced at the same court on July 30.

Detective Sergeant Mark Hoddinott, from the Central Specialist Crime Command (Economic Crime), said at conviction: "This was a really complex fraud investigation where a person with serious responsibilities and knowledge of the regulations around anti-money laundering failed in their duties to make the required disclosures to the authorities.

“If Thorncroft had complied with his own company policies then he would not have been prosecuted.

"Instead, he paid absolutely no regards to his overriding duty to anti-money regulations; consequently, many individuals suffered great financial loss and considerable personal trauma.

"In his role as the chairperson of AUKPI when these crimes were being committed by him, Thorncroft worked closely with law makers, regulators, banks and other financial institutions, representing the interests of the money remittance sector.

"The AUKPI provided its members with anti-money laundering training.

"I'm really pleased that a dedicated team of Met officers investigating this case have secured this conviction, especially grateful to Detective Constable Silje Mikkelsen for her investigative tenacity and commitment to supporting the victims.

“I would also like to express my thanks and gratitude to the jury who I am sure at times found the case being presented before them complex and possibly confusing.

"This conviction is a reminder to those working in the regulated sector of their duties when it comes to money laundering regulations."