Luxembourg is among EU states that have urged caution in beefing up the bloc’s supervision of banks against money laundering, while Denmark is in favor, an EU official familiar with talks on the matter told reporters on Friday.
The positions were taken in a closed-door meeting of national envoys, who debated a European Commission plan to tighten actions against financial crime, the official said.
It took place on Thursday, the day after Danske Bank chief executive Thomas Borgen resigned over a money laundering scandal involving the lender’s Estonian branch.
There have been other high-profile money laundering cases at banks in the Netherlands, Luxembourg, Malta, Latvia and Spain in recent months.
Currently, the fight against financial crime is conducted by national authorities, which share little information and have sometimes showed little appetite to take action against domestic wrongdoers.
In Luxembourg, authorities decline to disclose the names of some banks sanctioned for money laundering, using loopholes in EU rules that allow secrecy, despite international guidelines recommending that the records be made public.
The Netherlands, Sweden and Finland joined the Duchy in warning against acting “prematurely” over the commission’s proposal, which would give more power and resources to the European Banking Authority, the source said.
France, Spain and Denmark were among EU states that showed support.
The proposal, which needs EU states’ and lawmakers’ approval, was published last week. It needs to be approved before EU elections in May next year or risks being shelved.
States had earlier recognized “gaps” in the EU legal framework.
However, the source said that most were surprised at last week’s proposal, which came only days after they had agreed to postpone action to next year.
Germany, Estonia, Hungary and Italy showed caution about giving more power to the banking authority, the official said, but added that it was important there was more cooperation and exchanges of information among national authorities.
EU finance ministers are to discuss the proposal at their next regular meeting on Oct. 2, according to a preliminary agenda.
However, no decision is expected.
The commission’s plan was seen by experts and lawmakers as sensible, although it postponed indefinitely bolder measures, such as the setting up of a single agency to counter money laundering, as recommended by the European Central Bank.
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