Despite repeated interventions, fines, and negative publicity, money laundering is rife in U.K. financial services firms, according to Deputy Foreign Secretary Andrew Mitchell.

Mitchell made headlines last month for telling think tank Bright Blue that “40 percent of money laundering around the world … comes through London and overseas territories and crown dependencies.”

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Ruth Prickett graduated from Cambridge University with a BA hons in History and has specialized in business and finance journalism for the past 20 years. She was editor of Financial Management, the magazine...