Allowing Andorra, Monaco and San Marino more access to the European Union’s (EU’s) single market presents a fundamental risk to the bloc’s financial integrity and could open a backdoor for illicit financial flows into the EU, according to Europe’s top financial regulators.

The chairs of the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority expressed these and more concerns in an joint letter relating to ongoing negotiations to establish association agreements between the EU and the three microstates that are not part of the bloc.

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