And sorry, does the FAA not?
MJ - I could take you for a coffee at an airfiled we both know and love, show you 3 aeroplanes flying under Part M, all of which have known issues, that the CAA know of, and choose to ignore - Fact.
I am sure I could do the same with any designated reg country, however, the point everyone appears to jump on is that the N reg is haven for all that would choose to shortcut safety/compliance/et al.
It is simply not accurate.