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In the context of combating financial crime, 'Competent Authorities' encompasses all entities involved in law enforcement and financial regulation. This term highlights the collaborative approach required to effectively tackle financial crimes such as money laundering and fraud. Competent authorities include not only regulatory bodies that oversee financial institutions and ensure compliance with laws, but also law enforcement agencies that investigate and prosecute financial crime offenses.

Understanding that various entities play distinct yet interconnected roles is crucial for a comprehensive response to financial crime. For example, regulatory authorities may impose rules and frameworks that financial institutions must follow to prevent illicit activities, while law enforcement agencies operate to enforce these regulations and deal with criminal behavior directly.

This holistic view emphasizes the importance of coordination and information sharing among different authorities to enhance the efficacy of financial crime prevention efforts. The other choices, while they may include components of the broader framework, do not capture the full spectrum of entities involved in the fight against financial crime.