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Anti-Money Laundering Authority

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EU agency in Frankfurt

The Anti-Money Laundering Authority (AMLA), formally known as the Authority for Anti-Money Laundering and Countering the Financing of Terrorism, is an agency of the European Union, established in 2024 in Frankfurt.

AMLA's establishment has been characterized as "much-needed" by major EU political forces, and it has been described as transformational by a wide range of observers. It is expected to strengthen the policy framework to ensure the integrity of the EU financial system, as the central component of the EU's anti-money laundering efforts.

Background

In February 2018, the demise of ABLV Bank triggered a debate on the structure of Anti-Money Laundering (AML) supervision in the European Union. A few weeks later, ECB Supervisory Board chair Danièle Nouy declared that it is “very embarrassing to depend on the United States to do the job. This has to change We need a European institution that is implementing in a thorough, deep, consistent fashion this legislation in the euro area”. In October 2018, the think-tank Bruegel published a study recommending the creation of a European AML Authority and providing a blueprint for its key features.

The European Commission first proposed AMLA in July 2021 after a series of financial scandals further exposed significant flaws in AML supervision. Described as a "game-changer in cracking down on dirty money in the EU," AMLA is intended to curb illicit financial flows while improving coordination between governmental intelligence authorities within the bloc. On 22 February 2024, it was announced that AMLA would be located in Frankfurt.

Establishment

The EU Regulation establishing AMLA entered into force on 26 June 2024. That same day, the newly established agency advertised an open position for its chair. The Frankfurt office is expected to open in 2025 and become fully functional by 2028.

See also

External Links

References

  1. "S&Ds hope for a swift start for the much-needed new European anti-money laundering watchdog". European Socialists & Democrats. 22 February 2024.
  2. Mark Lautier & Deborah Gatt (16 October 2022). "AMLA: The game-changer in the fight against money laundering". Lexology.
  3. Katherine Emirosan (2 May 2024). "AMLA is a game-changer for EU's AML/CFT framework". Fintech BoostUP.
  4. Peter Reynolds (13 August 2024). "Europe's Game-Changer in Fight Against Financial Crime". EU Reporter.
  5. "The EU's Anti-Money Laundering Authority and Its Role in Countering Terrorism Financing". sanctions.io. 21 May 2024.
  6. ^ Joshua Kirschenbaum & Nicolas Véron (25 October 2018), A better European Union architecture to fight money laundering, Brussels: Bruegel
  7. "Brussels wants a new EU agency to tackle money laundering". Euronews. Retrieved 27 May 2024.
  8. De Clercq, Geert. "EU's new Anti-Money Laundering Authority to be based in Frankfurt". Reuters. Retrieved 27 May 2024.
  9. "Frankfurt to host the EU's new anti-money laundering authority (AMLA)". Council of the European Union. 22 February 2024.
  10. Tom Sims (26 June 2024). "EU's new Anti-Money Laundering Authority is now official, seeks chair". Reuters.
  11. "Italy, Germany, Netherlands short-listed for top job running EU dirty money watchdog". Politico. Retrieved 29 October 2024.
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