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Anti-Money Laundering Authority
EU agency in Frankfurt From Wikipedia, the free encyclopedia
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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,[1] and it has been described as transformational by a wide range of observers.[2][3][4] 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.[5] Since January 2025, its chair is Bruna Szego.[6]
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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 [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”.[7]: 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.[7]
The European Commission first proposed AMLA in July 2021 after a series of financial scandals further exposed significant flaws in AML supervision.[8] 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.[9] On 22 February 2024, it was announced that AMLA would be located in Frankfurt.[10]
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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.[11] The Frankfurt office is expected to open in 2025 and become fully functional by 2028.[12]
See also
References
External links
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