Anti-Money Laundering Authority
The Anti-Money Laundering Authority (AMLA), formal name the Authority for Anti-Money Laundering and Countering the Financing of Terrorism, is an agency of the European Union, based in Frankfurt.
Background
[edit]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 [AML] job. This has to change [...] We need a European institution that is implementing in a thorough, deep, consistent fashion this [AML] legislation in the euro area”.[1]: 2 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.[1]
The European Commission first proposed AMLA in July 2021 after a series of financial scandals further exposed significant flaws in AML supervision.[2] 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.[3] On 22 February 2024, it was announced that AMLA would be located in Frankfurt.[4]
Establishment
[edit]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.[5]
See also
[edit]References
[edit]- ^ a b Joshua Kirschenbaum & Nicolas Véron (25 October 2018), A better European Union architecture to fight money laundering, Brussels: Bruegel
- ^ "Brussels wants a new EU agency to tackle money laundering". Euronews. Retrieved 27 May 2024.
- ^ De Clercq, Geert. "EU's new Anti-Money Laundering Authority to be based in Frankfurt". Reuters. Retrieved 27 May 2024.
- ^ "Frankfurt to host the EU's new anti-money laundering authority (AMLA)". Council of the European Union. 22 February 2024.
- ^ Tom Sims (26 June 2024). "EU's new Anti-Money Laundering Authority is now official, seeks chair". Reuters.
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