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After a rigorous selection process, Frankfurt has emerged victorious in the bid to host the European Union’s new Anti-Money Laundering Authority (AMLA), surpassing eight other contenders, including Dublin, Madrid, and Paris.
Historically, EU money laundering regulations have been enforced by national regulators. However, starting next year, a dedicated body with over 400 staff members will be established to combat money laundering and terrorism financing at the European level.
Frankfurt’s selection came after rounds of voting at both the European Council and European Parliament, where it prevailed over competitors such as Brussels, Dublin, Madrid, Paris, Riga, Rome, Vilnius, and Vienna.
In a joint statement, co-rapporteurs Emil Radev and Eva Maria Poptcheva expressed their optimism about AMLA’s role in combating illicit financial activities within the EU. They stated, “AMLA will be a game-changer in cracking down on dirty money in the EU. It will supervise the riskiest financial entities, oversee the non-financial sector, and play a crucial role in stopping evaders from circumventing targeted financial sanctions.”
Mairead McGuinness, the European Commission’s Commissioner for Financial Services, Financial Stability, and Capital Markets Union, underscored the significance of establishing AMLA swiftly. She emphasized the need to instill trust in the financial system while eradicating illegal activities that facilitate money laundering, which ultimately harm society, families, children, and women. McGuinness highlighted this milestone as a pivotal step forward for the European Union in addressing financial crimes effectively.
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