What functions could be performed, for instance, by the European supervisory authorities EBA, ESMA and EIOPA, whose activities and tasks are currently being checked in Brussels? And not least, we must identify the areas in which the EU can take the initiative and those in which the Member States can be active. I am very aware that these ambitious proposals cannot be implemented overnight.
As you all know, Argentina does have anti-money laundering legislation that is being amended in order to fully comply to the Financial Action Task Force (FATF) and GAFISUD recommendations concerning banking, tax and professional secrecy, among other issues. In addition to actively working on the legislative arena, the Central Bank has focused its efforts on updating its regulatory framework for financial institutions.