Frankfurt [Germany], February 24: The Belgian Presidency of the EU announced on Thursday that the new Anti-Money Laundering Authority (AMLA) of the EU will have its headquarters in Frankfurt, Germany. The EU hopes that this development will strengthen its efforts to combat illicit funding.
The European organization previously relied on national regulators to implement its regulations because there was no pan-EU body to oversee dirty money, but member states did not always cooperate properly.
In a statement on X, the Belgian Presidency stated that AMLA will be crucial in the EU's fight against money laundering, terrorist funding, and illicit financial activity. It will begin operations in the middle of 2025 and employ more than 400 people.
"AMLA will be a game-changer in cracking down on dirty money in the EU," co-rapporteurs Emil Radev and Eva Maria Poptcheva said in a European Parliament statement. "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."
At a news conference, European Commissioner for Financial Services Mairead McGuinness stated that new types of businesses will be included in the reform. "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," she said.
The European Parliament and the Council decided on a new EU agency's host city together for the first time when they decided on Frankfurt. Eight other nations-Belgium (Brussels), Ireland (Dublin), Spain (Madrid), France (Paris), Italy (Rome), Latvia (Riga), Lithuania (Vilnius), and Austria-had also submitted applications to host AMLA.
Source: LeMatinal Newspaper
