The EU AML/CFT body should make sure that accurate and timely assessments on possible irregularities and ML/TF risks are proactively provided to prudential supervisors, including the ECB in its supervisory role,3 so these risks can be factored into their prudential assessments. Finally, if supported by co-legislators and primary law, the EU AML/CFT authority could be equipped with direct AML/CFT supervisory powers.
Conclusion Ladies and gentlemen, Anti-money laundering and combating the financing of terrorism are challenging endeavours. First, they involve several areas of law at both the EU level and national levels. Changes that lead to an efficient distribution of competences might imply the transfer of sovereignty from national to EU level within the existing Treaty framework.