Anti-Financial Crime & Financial Crime Compliance
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EU/Europe, Financial Services

Europe must decide ‘how reliant we want to be on a major financial centre’ like London ‘that is in a third country, outside our regulatory orbit,’ says Europe’s finance Commissioner

By AMLi Correspondents

THE EU is now likely to have several financial capitals – specialising in different sectors – once London is fully outside the bloc, Europe’s financial services commissioner said today.

The Union must also now decide how reliant it wants to be on London as a major financial centre, the European Commission for financial services Mairead McGuinness said.

She pointed out that Britain is now a “third country” and London is outside the EU’s “regulatory orbit.

“Post-Brexit, the question the EU 27 will have to answer is how reliant we want to be on a major financial centre that is in a third country, outside our regulatory orbit,” the Commissioner said.

“It is more likely

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