Reignited calls to tighten up AML in London, crown dependencies

London Financial District

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.”

In April, Mitchell committed to tackling illicit flows of money by forcing companies to be transparent about their ownership.

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