Criminal networks target places where there is least chance of getting caught. Given their international reach, this is all too easy for them to do. A consistent and effective approach to these problems demands setting up an AML and CFT supervision mechanism at European level.
Firstly, it would enable better exchange of information between supervisors, and this would give a much-needed boost to supervision of cross-border institutions and activities. Secondly, pooling supervisory resources will generate economies of scale, including increased concentration of knowledge and expertise. It would allow resources to be deployed precisely where the risks are the most significant.