So the largest EU member states, excluding the UK of course, have finally agreed that their reliance on local national agencies to spot serious money laundering cannot continue.

There have been some recent examples of serious, insalubrious cash flowing freely through some well established channels and it seems the bloc has had enough.

Such is the scale of the task that it seems an entirely new central supervisor is being mooted for establishment, rather than giving existing authorities such as the European Banking Authority more powers.

Next on the agenda? who will it comprise of, where will it be based and when will we see it?