France has garnered support of Germany, Italy and the UK to challenge US regulators imposing heavy fines on foreign banks at a G20 meeting of world leaders in Australia later this year, the Financial Times has reported.
The cause of the most recent spat relates to the US$8.9 billion fine imposed by the US regulators on French banking giant BNP Paribas for breaching sanctions against blacklisted nations.
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Though French officials did not dispute BNP’s wrongdoing but have questioned the scale of the punishment.
"There should be co-ordination between regulators, as there should not be multiple jeopardy," the FT quoted one official as saying, who also noted that there had been "informal discussions" about putting the issue of bank fines on the G20 agenda.
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