Frankfurt (Germany) has become the leader in the competition to locate the headquarters of the EU Anti-money laundering authority (AMLA).
In the last round of the competition, nine countries competed for the honourable right to host the influential body of the European Union. In addition to Germany, these were Belgium (Brussels), Ireland (Dublin), Spain (Madrid), France (Paris), Italy (Rome), Latvia (Riga), Lithuania (Vilnius) and Austria (Vienna). The secret ballot was decisive, with Frankfurt receiving 28 votes. Madrid came second with 16 votes and Paris third with 6. The decision should be formalised at the end of April, when the European Council and the European Parliament will vote in favour of the AMLA package of regulations.
Previously, the EU leadership did not have a general competence in the area of anti-money laundering. Anti-money laundering issues were the responsibility of the respective national authorities. However, after a number of scandals, in particular after allegations of money laundering against Danske Bank, it was decided to revise the policy in this area, and to create a pan-European "financial controller". The work of the new department should be launched in the middle of 2025. It will have a preliminary staff of 400 employees.
«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.», the European Parlament said in a statement.
European Commissioner for Financial Services Mairead McGuinness told a press conference that anti-money laundering rules will be extended to new categories of companies, such as football clubs, as part of reforms to the financial monitoring industry.
«We're mitigating risks linked to large sums of money within the EU-wide limit of 10,000 euros for cash payments. At the same time, we're addressing risks posed by crypto and the anonymity it enables», — Reuters quoted her statement as saying.
According to German Finance Minister Christian Linder, AMLA will bring the fight against dirty money laundering to a new level.
Previously, most of the EU's central agencies were located in Brussels, Luxembourg and Strasbourg. However, now the Union's leadership has started to locate its agencies throughout Europe. The public selection procedure used to determine the location of AMLA headquarters is planned to be used to locate the headquarters of other European agencies.
