The fight against money laundering is a top priority for the EU and Germany. Under the European Commission’s ambitious legislative proposal, the EU will not only unify anti-money laundering legislation across Europe, it will also establish the Anti-Money Laundering Authority (AMLA) as the first ever designated EU authority to counter money laundering. The German government is supporting this project and actively advocating for a strong AMLA. If Germany’s bid is successful, the new authority will be located in the financial hub of Frankfurt.
“A strong anti-money laundering authority needs a strong, suitable and sustainable home. As the most important financial centre in continental Europe, Frankfurt is the right place to ensure AMLA’s operational success from day one.” Christian Lindner, Federal Minister of Finance
Germany’s bid to host AMLA is a joint project of the federal government, the state of Hesse and the city of Frankfurt, under the leadership of the Federal Ministry of Finance. The official selection process has not yet begun. Along with Germany, several other EU member states have expressed their interest in hosting the AMLA and announced their intention to bid.
EU creates a standardised set of rules to combat money laundering
Equipped with all the necessary regulatory and supervisory powers, AMLA will work together with the member states’ supervisory authorities to ensure the uniform application of money-laundering legislation and to strengthen cooperation between national Financial Intelligence Units.
As the first anti-money laundering authority with a European perspective, AMLA will take anti-money laundering efforts to the next level and play a leading role in protecting the integrity of the single market.