The European Banking Authority’s confirmation that the Financial Intelligence Analysis Unit had breached EU law was “troubling news”, European Commissioner for Justice, Consumers and Gender Equality Věra Jourová told the Times of Malta.

Reacting to the banking watchdog’s findings, issued on Wednesday, Ms Jourová said that she expected the authorities in Malta to comply with the recommendations made, adding this was not a national issue but one that impacted the whole Union.

“We cannot afford weak links in our fight against money laundering. I already made this point when I visited Malta. Until the end of my mandate I will invest my energy in closing the remaining loopholes in the fight against money laundering,” the Commissioner said.

She noted that the EBA’s findings served as proof that the system works, adding that it also showed the importance of the Authority’s role in supervising the supervisors.

Under the new rules in force since Monday, cooperation between the national supervisors and those at EU level was being stepped up.

“The question of effective oversight is crucial. We have set up a working group bringing together all the European Supervisory authorities to improve practical coordination of supervision and in September we plan the first exchange with the EU governments. Depending on the outcome, I will consider any further steps necessary for a stronger common Union approach to anti-money laundering supervision and compliance,” she said.