(LONDON) Southwark Crown Court Report: A money laundering prevention expert has found guilty of financial crimes after failing to disclose financial information at his own company #AceNewsDesk report

#AceNewsReport – June.27: Thorncroft, 56 (19.09.64) of Chelsfield Lane, Orpington, was found not guilty of money laundering: He was bailed and will be sentenced at the same court on 30 July:

Appearing at Southwark Crown Court on Wednesday, 23 June, Dominic Thorncroft, the former chairperson of the Association of UK Payment Institutions (AUKPI) for 14-years, and a company director of a money service business (MSB) and the company’s Money Laundering Regulation Officer (MLRO), was found guilty at Southwark Crown Court of committing the following six offences:

[Dominic Thorncroft]

[Dominic Thorncroft]

  • Failing to submit a suspicious activity report (SAR), (contrary to section 330 & 334 of POCA);
  • Four counts of retaining unlawful credit (contrary to section 24A(1) and (6) of the Theft Act 1968);
  • One offence of breaching Money Laundering Regulations (contrary to regulation 45 of the MLR).

Thorncroft’s trial started on Tuesday, 1 June. 

The investigation into Thorncroft began in June, 2016, after officers executed a search warrant at the offices of his MSB company, based in Peckham. 

A laptop used by the defendant was seized and on it officers found the contents that showed the MSB had received money from over 60 individuals who were defrauded. 

Officers discovered that between late July and late October 2014, over 60 victims paid out a total of nearly £850,000 after being contacted over the phone by a ‘salesman’ who persuaded them to invest in a money-making scheme of some sort. The type of scheme was not always the same, but what all the money-making schemes had in common was that they did not exist. 

All of the fraudulent money was credited to the bank accounts of the MSB that Thorncroft was a director of. 

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

As part of the Met’s Economic Crime Team’s investigation, officers were confident that the money that was received into the bank account was then transferred out of the UK and it was the proceeds of the criminal conduct. 

Thorncroft was known to have met with one of the fraud suspects as well as having a copy of the suspect’s passport. He failed to disclose this information to the police in 2014. Consequently, he was found guilty of failing to submit a SAR as he was under a legal obligation to report suspicious activity. 

Thorncroft was also found guilty of retaining monies belonging to four of the victims which totalled approximately £16,000.

The one count of breaching Money Laundering Regulations relates to a separate transfer in February 2016. That transfer involved a person who was subject to a Serious Crime Prevention Order which prohibited them from remitting money overseas. The transfer in question was £265,000.

It wasn’t until 3 April, 2019, that officers interviewed Thorncroft under caution. He was further interviewed under caution on 30 April and 14 May that year.   

It was on 7 May, 2020, that officers were able to charge Thorncroft with the offences. 

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.”

#AceNewsDesk report ……….Published: Jun.27: 2021:

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#crime, #economic, #financial, #laundering, #london, #met, #money

(NEW YORK) Federal Court Report: Panama Papers Case: Third person has pleaded guilty secretly to financial crimes as part of the investigation according to newly released documents show #AceNewsDesk report

#AceNewsReport – Mar.11: The unexpected guilty plea by Joachim Alexander von der Goltz was revealed by a federal court order in the Southern District of New York on Thursday:

Secret guilty plea revealed in US Panama Papers criminal probe: ‘Joachim Alexander von der Goltz repaid the U.S. government more than $230,000 after admitting to financial crimes revealed by the ICIJ investigation’

A third person has pleaded guilty to financial crimes as part of a probe sparked by the Panama Papers investigation, newly released court documents show.

March 5, 2021

Von der Goltz is the son of Harald Joachim von der Goltz, the 83-year old former U.S. resident who pleaded guilty to tax evasion and fraud in 2020 and was sentenced to four years in prison.

For 16 years, Joachim Alexander von der Goltz and others attempted to evade paying U.S. taxes, according to prosecutors. In 2003, von der Goltz sent an email with identification information from Guatemala “in an effort to conceal the United States residence of the beneficial owner” of an offshore shell company, prosecutors said.

In 2016, when questioned by U.S. officials after the release of the Panama Papers investigation, von der Goltz falsely claimed that he was unaware of the requirement to report a foreign bank account.

Von der Goltz pleaded guilty in December 2019 to conspiracy to commit tax evasion, fraud and submitting false documents. He has already repaid the government more than $230,000.

Von der Goltz’s guilty plea is the third since U.S. officials launched an investigation on the heels of the 2016 Panama papers investigation, which was led by the International Consortium of Investigative Journalists and Süddeutsche Zeitung. In December 2018, prosecutors announced charges against Harald Joachim von der Goltz, his accountant Dick Gaffey, and former attorneys with the Panama-based law firm Mossack Fonseca, Dirk Brauer and Ramses Owens. The attorneys remain wanted.

Files from the Panama Papers show that Joachim Alexander von der Goltz was the director of the Panama company, Brecknock Corporation. He wrote to Mossack Fonseca with an address at the Massachusetts company, Boston Capital Ventures. The law firm referred to him internally as “Baron,” according to emails.

Von der Goltz had a unique level of knowledge about his father’s offshore affairs, according to leaked documents. No other beneficiary of the $50 million Revack Holdings Foundation was allowed to know of its existence, according to a “due diligence memorandum” prepared by Mossack Fonseca lawyers.

Von der Goltz was also a beneficiary of a trust that owned an apartment in Miami, a house in Massachusetts and investments in Boston Capital Ventures, according to the memorandum. He was entitled to assets in Germany and Guatemala and to assets from a trust in the Bahamas.

Attorneys for von der Goltz did not reply to ICIJ’s request for comment.

#AceNewsDesk report ………Published: Mar.11: 2021:

Editor says #AceNewsDesk reports by https://t.me/acenewsdaily and all our posts, also links can be found at here for Twitter and Live Feeds https://acenewsroom.wordpress.com/ and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com

#crimes, #financial, #new-york, #panama-papers

` US Intelligence Officials are planning to tap into ` Government Databases’ to scan Behaviour ‘ of Federal Employees ‘

#AceSecurityNews says that AP reports that U.S. intelligence officials are planning a sweeping system of electronic monitoring that would tap into government, financial and other databases to scan the behaviour of many of the 5 million federal employees with secret clearances, current and former officials told The Associated Press.

The system is intended to identify rogue agents, corrupt officials and leaker’s, and draws on a Defence Department model under development for more than a decade, according to officials and documents reviewed by the AP.

#ASN2014

#ap, #financial, #government, #the-associated-press, #us

" First Sexual Abuse Case Ever Filed against Catholic Church in Poland"

#AceWorldNews says a 25-year-old man identified only as Marcin K has filed suit against the Polish Roman Catholic Church, alleging that the church is at least partly responsible for the sexual abuse the man suffered at the hands of a clergyman who is now serving a two-year prison sentence.

It is the first time in Poland that a victim sued not only his attacker but also the church as an institution. Higher-ups in the Polish church apologized to all victims of abuse last year but refused to offer financial compensation.

The UN has called on the Vatican to “immediately remove” all clergy suspected of child abuse but, in this case, the church has said it is not liable because the priest in question acted “independently” within his parish. Marcin K is seeking 47,500 euros ($64,500) in damages as well as an apology printed in the national press.

The Helsinki Foundation human rights group is helping the plaintiff in his case.

#church, #clergy, #compensation, #financial, #helsinki-foundation, #human-rights, #national-press, #parish, #poland, #polish, #roman-catholic, #sexual-abuse, #un, #vatican

#Russia `Moscow will not Reconsider Financial Agreements with `Ukraine’ over Gas Debt’

#AceWorldNews says Moscow is worried about Ukraine’s increasing gas debt, but it is not going to reconsider its financial agreements with the neighbour, presidential spokesman, Dmitry Peskov, said in an interview with Kommersant FM radio. “
We hope that our Ukrainian partners will comply with all terms of the existing agreement,” he said. Speaking about the financial aid, Peskov said that Russia will not revise its agreements since this aid was intended for the Ukrainian people.
Still, Moscow would like to understand how this money will be used, the spokesman added.
Ukraine has seen mass anti-government protests since November, when President Viktor Yanukovich refused to sign an association agreement with the EU.

#agreements, #financial, #moscow, #ukraine, #viktor-yanukovych