(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

(USA) Laundering Money Report: The global exposé by ICIJ and BuzzFeed News revealed how a broken U.S.-led enforcement system allows banks to continue to profit from moving trillions in dirty money #AceNewsDesk report

#AceNewsReport – June.14: The Pulitzer Board at Columbia University recognized the FinCEN Files reporting team on Friday for pulling off a “massive reporting project” that produced “sweeping revelations” about the “role of some of the world’s biggest banks in facilitating international money laundering and the trafficking of goods and people, corruption that continues to frustrate regulators across the world.”

Journalists gathered in Hamburg for a FinCEN Files meeting.

FinCEN Files Investigation: Named Pulitzer Prize finalist has been honored for the 2021 in International Reporting, bringing more acclaim to the groundbreaking project by the International Consortium of Investigative Journalists, BuzzFeed News and more than 100 other media partners around the world.

June 11, 2021:

More than 400 journalists from 88 countries took part in the investigation.

“This latest honor is a tribute to the dogged work of ICIJ staffers and partner journalists around the world,” ICIJ director Gerard Ryle said. “It’s also a tribute to the power of collaborative journalism that is at the heart of ICIJ’s model. We’re pleased to share the honor with BuzzFeed, which made this partnership possible by sharing an explosive trove of secret U.S. government documents with ICIJ and other partners.”

BuzzFeed News won the Pulitzer Prize for International Reporting for its innovative series of stories about China’s mass detention of Muslims. Along with the FinCEN Files collaboration, other finalists in the International Reporting category were the Wall Street Journal and the New York Times.

ICIJ and its partners won the Pulitzer Prize for Explanatory Reporting in 2017 for another investigation of financial corruption, the Panama Papers.

Earlier this year, three Norwegian lawmakers nominated ICIJ for a Nobel Peace Prize for nearly a decade of investigations — including the Panama Papers and the FinCEN Files — that have exposed how politicians, the mega-wealthy and criminal groups have used the “offshore” financial system to dodge taxes and launder dirty money.

The FinCEN Files has garnered several other journalism honors this year, including Investigative Reporters and Editors’ Tom Renner Award for “covering organized crime or other criminal acts.”

The FinCEN Files investigation revealed that five global banks — JPMorgan Chase, HSBC, Standard Chartered Bank, Deutsche Bank and Bank of New York Mellon — continued to profit from suspect transactions even after they paid fines to U.S. authorities for previous  misconduct and in some cases signed deferred prosecution deals.

In hundreds of news stories that began publishing in September 2020, ICIJ, BuzzFeed News and other partners detailed how laws intended to stop financial crime have instead allowed it to flourish — and how banks that move dirty money can protect themselves by filing “suspicious activity reports” that authorities are unlikely to read, let alone act on.

The investigation began when a whistleblower provided BuzzFeed News reporter Jason Leopold with a remarkable collection of highly confidential documents on file with the U.S. Treasury Department’s Financial Crimes Enforcement Network, known in shorthand as FinCEN. Natalie Mayflower Sours Edwards, the U.S. Treasury official who disclosed the financial intelligence documents to BuzzFeed News, was sentenced last week to six months in prison.

In an opinion piece published Thursday, BuzzFeed News Editor-in-Chief Mark Schoofs called the conviction and sentencing of Edward “unjust and unfair. Our criminal justice system must recognize that much of what we know about financial corruption, government surveillance and corporate crime comes not from reporters working in isolation but from journalists working with people who risk their liberty and livelihood to ensure that the truth comes out.”

The documents included more than 2,100 suspicious activity reports, which banks and other financial institutions are required to submit to FinCEN when they see the hallmarks of illegal activity.

Turning these dense reports into groundbreaking journalism required a massive feat of data sifting and analysis — and a coordinated global reporting effort. Journalists fanned out across the world, contacting thousands of sources: presidential advisers, bankers, cops, even gangsters and arms dealers. Along the way, ICIJ and its partners obtained more than 17,600 additional documents, including audit reports and other records, from dozens of countries.Journalists gathered in Hamburg for a FinCEN Files meeting.  Image: Scilla Alecci/ICIJ 

“It took a global team effort to uncover the flows and destructive evil of dirty money around the world,” Ryle, ICIJ’s director, said. “Our efforts prompted widespread criticism of the weakness of international defenses against a kind of criminal activity that can drive inequality and destabilize nations.”

The FinCEN Files investigation has been credited with sparking new efforts by governments around the world to fight money laundering.

After ICIJ, BuzzFeed News and other partners approached the Treasury Department with the investigation’s findings, the department announcedplan to “address the evolving threats of illicit finance.” New York’s top banking regulator, who plays a big role in policing global banks, acknowledged dirty money had metastasized “within the guts of financial institutions.”

Key members of Congress credited the FinCEN Files disclosures with helping the final push that led to the passage of the Corporate Transparency Act, the biggest revision of U.S. anti-money laundering policy in a generation.

The U.K.’s powerful Treasury Committee said it would pursue an investigation of the effectiveness of the country’s anti-money laundering regime. Authorities in Liberia, Seychelles and Thailand launched inquiries and lawmakers in the European Parliament demanded a more aggressive approach to fighting money laundering.

“The FinCEN Files took financial reporting to new heights,” BuzzFeed News’ top editor, Schoofs, said Friday in response to the Pulitzer Board’s announcement. The confidential documents that Edwards provided, he said, led to a “monumental reporting effort” that “exposed how major banks profited from dirty money coursing through their accounts, while the U.S. government watched but rarely took action.”

#AceNewsDesk report ………Published: Jun.14: 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

#finance, #fincen, #laundering, #money, #usa

(WASHINGTON) Justice Dept Report: DPRK Intelligence Service Affiliated Businessman Accused of Using the U.S. Financial System and Deceiving U.S. Banks to Circumvent Sanctions Against North Korea #AceNewsDesk report

#AceNewsReport – Mar.23: The indictment alleges that Mun defrauded banks and laundered money in an effort to evade counter-proliferation sanctions imposed on North Korea by the United States and the United Nations,” said Assistant Attorney General John C. Demers for the Justice Department’s National Security Division. “We will continue to use the long reach of our laws to protect the American people from sanctions evasion and other national security threats.”

First North Korean National Brought to the United States to Stand Trial for Money Laundering Offenses: ‘After nearly two years of legal proceedings, Mun Chol Myong (Mun), 55, a national of the Democratic People’s Republic of Korea (DPRK), has been extradited to the United States’

This case represents the first ever extradition to the United States of a DPRK national. Mun is accused of laundering money through the U.S. financial system as part of a scheme to provide luxury items to the DPRK.

“We are pleased that Mun has been extradited and will stand trial for the offenses alleged in the indictment,” said Acting U.S. Attorney Channing D. Phillips for the District of Columbia. “The U.S. Attorney’s Office for the District of Columbia will always be prepared to protect our nation’s financial system and pursue those who violate our laws, regardless of where they might hide.”

“One of the FBI’s biggest counterintelligence challenges is bringing overseas defendants to justice, especially in the case of North Korea,” said Assistant Direction Alan E. Kohler Jr. of the FBI’s Counterintelligence Division. “Thanks to the FBI’s partnership with foreign authorities, we’re proud to bring Mun Chol Myong to the United States to face justice, and we hope he will be the first of many.”

“It is important to underscore the relevance of this first-ever extradition of a North Korean national,” said Special Agent in Charge Michael F. Paul of the FBI’s Minneapolis field office. “Our Minneapolis agents worked this case closely with international partners highlighting how FBI special agents are persistent and have an international impact wherever they are.”

According to the indictment and other court documents unsealed today, between April 2013 and November 2018, Mun and others conspired to covertly and fraudulently access the U.S. financial system. Mun is alleged to have defrauded U.S. banks and violated both U.S. and United Nations (U.N.) sanctions as part of his money laundering activities in transactions valued at over $1.5 million. The indictment further alleges that Mun was affiliated with the DPRK’s primary intelligence organization, the Reconnaissance General Bureau, which is the subject of U.S. and U.N. sanctions.

Mun has been detained in a foreign country since his arrest by local authorities on May 14, 2019. He made his initial appearance today in federal court in the District of Columbia, where he was indicted on May 2, 2019. Mun faces six counts of money laundering, including conspiracy to commit money laundering.

According to the indictment, Mun and his conspirators went to great lengths to avoid detection of their sanctions-busting operation. They used a web of front companies and bank accounts registered to false names and removed references to the DPRK from international wire transfer and transactional documents. By intentionally concealing that their transactions were for the benefit of DPRK entities, Mun and his conspirators deceived U.S. correspondent banks into processing U.S. dollar transactions for the benefit of DPRK entities, which the correspondent banks would have otherwise not processed.  

This investigation was conducted by the FBI’s Minneapolis Field Office and coordinated by the FBI’s Counterintelligence Division. The Department of Justice would also like to thank the U.S. Indo-Pacific Command and the FBI’s Investigative Operations Division for providing analytical support during the investigation. The Justice Department’s Office of International Affairs provided substantial assistance in securing Mun’s arrest and extradition. The FBI’s Washington Field Office also provided essential support during the extradition process.

Assistant U.S. Attorneys Michael P. Grady and Tejpal S. Chawla of the U.S. Attorney’s Office for the District of Columbia, and Trial Attorney David C. Recker of the National Security Division’s Counterintelligence and Export Control Section, with support from Paralegal Specialist Brian Rickers and Legal Assistant Jessica McCormick, are prosecuting the case. 

An indictment is merely a formal charge that a defendant has committed a violation of criminal laws and every defendant is presumed innocent until, and unless, proven guilty beyond a reasonable doubt in a court of law.

#AceNewsDesk report ……….Published: Mar.23: 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

#doj, #dprk, #laundering, #money, #north-korea

‘ SWISS POLICE ARREST FIFTEEN PEOPLE & SEIZE HEROIN IN INTERNATIONAL RAIDS ‘

#AceWorldNews – SWITZERLAND – Nov.25 – Swiss police have arrested 15 people and seized 55kg of heroin in raids, Reuters reported.

An international network smuggling drugs from Turkey to the Alpine country was targeted.

In the town of Zug, south of Zurich, 20 homes were raided where caches of money, weapons as well as a dozen cars were seized.

The heroin had a street value of 10 million Swiss francs ($10.35 million), police said on Tuesday.

An investigation into the activities of the smuggling ring, one of the most active in the country, had been going on for six months.

#ANS2014 

#caches, #drugs, #money, #police, #raided

BRITAIN: ‘ FCA REGULATOR IMPOSES PRICE CAP ON PAY-DAY LOANS ‘

#AceFinanceNews – Nov.12 – BRITAIN: ‘ FCA REGULATOR IMPOSES PRICE CAP ON PAY-DAY LOANS ‘.

#borrowing, #debt, #finance, #loans, #money

SCOTLAND: ‘ Britain’s Banks Quietly Move Millions of Bank-Notes North of Border ‘

#AceNewsServices – SCOTLAND – September 16 – Britain’s banks have been quietly moving millions of banknotes north of the border to cope with any surge in demand by Scots to withdraw cash in the event of a Yes vote in Thursday’s independence referendum, it has emerged.

'Moving the Money Finally Britain Realises its a YES  '

‘Moving the Money Finally Britain Realises its a YES ‘

Sources told The Independent the moves have been taking place over the past week or so in order to make sure ATMs do not run out on Friday in the event of a panic reaction to a “yes” vote. There have been some suggestions that people will want to move their money to English banks in the event of an independence vote.

Bankers stressed there has been no sign yet of any increase in the amount of withdrawals from deposit accounts or ATMs, stressing that there was no need because the Bank of England has pledged to stand behind all accounts for at least 18 months in the event of a “yes” vote.

However, concerns about how safe is their cash still linger. It was this that led to RBS and Lloyds last week to reassure customers that they would be moving their registration addresses south of the border.

As a result, part of the banks’ contingency plans has been to ship more cash to secure locations in Scotland in readiness to keep up with the potential increase in demand.

Sources at major banks said they had been issuing clear instructions to their Scottish branches to reassure customers there was no reason to panic.

The revelation comes as David Cameron made an impassioned plea to the people of Scotland to reject independence, telling them that the UK was not just “any old country” and that millions of people would be “utterly heartbroken” if it was broken up. 

#ANS2014

#britain, #currency, #money, #scotland, #voters