Several European regulators have issued a joint letter calling for a single supervisor to combat financial crime on the continent, emphasising the shortcomings built into a currently fractured approach.
Finance ministers from France, Germany, Italy, Latvia, the Netherlands and Spain published the note on Friday, laying out a proposed direction of movement “towards a European supervisory mechanism” for anti-money laundering (AML) and counter-terrorist financing (CTF).
“The European central supervisor should be able, where high risks are apparent and national supervision is otherwise apparently insufficient or inappropriate, to directly supervise financial institutions,” the letter said.
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