EUU, Alm.del - 2019-20 - Bilag 913: Høringssvar vedr. EU-Kommissionens offentlige høring over hvidvaskhandlingsplan af 7. maj 2020

Europaudvalget 2019-20
EUU Alm.del Bilag 913
Offentligt

Valdis Dombrovskis

Executive Vice-President for An Economy that Works for People and

Commissioner for Financial Services, Financial Stability and Capital

Markets Union

European Commission

MINISTER FOR INDUSTRY,

BUSINESS AND FINANCIAL

AFFAIRS

24 August 2020

Dear Executive Vice-President Valdis Dombrovskis

It is with pleasure that I send you the Danish government response to the

European Commission’s public consultation on an action plan for a

comprehensive Union policy on preventing money laundering (ML) and

terrorist financing (TF).

Strengthening our fight against ML and TF is a high priority for Denmark,

and this consultation deals with a range of significant aspects and possible

initiatives that we find of key importance.

In recent years, we have done much at national level aimed at preventing

and combating ML and TF, including strengthening our toolbox, our

supervisory intensity and the regulatory framework. This, together with the

adoption and implementation of the fifth AML/CFT Directive, sets a high

bar for our AML/CFT efforts. But more can and must be done.

Given the fact that ML and TF often is cross-border in nature, we find it

important that the European framework is robust and enables institutions

and authorities to combat ML/TF. Therefore, we support transforming

relevant rules in the AML/CFT Directive into a regulation. However,

further harmonisation should not lower standards in Member States with

strong national regimes. Furthermore, it would be relevant also to focus on

the interaction between an AML/CFT regulation and other regulation, such

as GDPR, and address potential conflicting provisions hindering effective

prevention of ML/TF.

A key point in the action plan is the question of conferring certain

AML/CFT supervisory tasks and powers to an EU supervisory body.

Overall, we support the creation of an EU AML/CFT supervisory body.

The possible tasks and responsibilities of such an EU supervisory body

should be considered thoroughly to ensure that it leads to a strengthening

of our AML/CFT efforts. As a starting point, the EU body should focus on

financial institutions with the possibility to expand its responsibility to

other obliged entities afterwards based on a step-by-step approach.

MINISTRY OF INDUSTRY,

BUSINESS AND FINANCIAL

AFFAIRS

Slotsholmsgade 10-12

DK-1216 Copenhagen K

Tlf.

Fax

+45 33 92 33 50

+45 33 12 37 78

CVR-nr. 10 09 24 85

EAN nr. 5798000026001

[email protected]

www.em.dk

EUU, Alm.del - 2019-20 - Bilag 913: Høringssvar vedr. EU-Kommissionens offentlige høring over hvidvaskhandlingsplan af 7. maj 2020

The EU AML/CFT supervisory body should be responsible for direct

supervision, following a risk based approach assessing the activities

performed by the institution. Particular attention should be given to larger

credit institutions with cross-border financial transactions. To be truly

effective, it is of great importance that there is a clear division of tasks and

responsibilities between the EU supervisory body and national authorities.

We should generally ensure an efficient division of labour between such

an EU AML body and national AML authorities with fast and smooth

interactions. National AML authorities should continue to play a key role

in a new integrated AML system.

A key task for an EU body should also be to coordinate between national

supervisor e.g. in cross-border cases and facilitating information exchange

between entities under national oversight, clarifying potential disputes, and

providing expert assistance in complex cross-border cases.

ML and TF poses a threat to the integrity and stability of the financial

system across the world. The EU has a central part to play at both European

and international level and we find that the EU could take an active role in

fostering coordination between Member States at an international level

while maintaining Member States’ individual presence and voice. Creating

a framework to facilitate a faster implementation of international (FATF)

standards should likewise be a priority.

Overall we believe that if executed right, the initiatives in the action plan

could make a real difference in the fight against ML and TF. We look much

forward to the coming realisation of the action plan.

Attached please find our replies to the consultation document. As always,

I remain at your disposal should you have any questions or comments.

Yours sincerely,

Simon Kollerup