Frankfurt has been selected to host the EU’s new Anti-Money Laundering Authority (AMLA), surpassing eight other competitors, including Dublin, Madrid, and Paris.
Starting next year, AMLA will have over 400 employees dedicated to combating money laundering and terrorism financing, taking over responsibilities previously held by national regulators enforcing EU money laundering rules.
Frankfurt emerged victorious in a series of votes at the European Council and European Parliament, outpacing contenders such as Brussels, Dublin, Madrid, Paris, Riga, Rome, Vilnius, and Vienna. Co-rapporteurs Emil Radev and Eva Maria Poptcheva emphasized that “AMLA will be a game-changer in cracking down on dirty money in the EU,” highlighting its role in supervising high-risk financial entities, overseeing the non-financial sector, and preventing evaders from circumventing targeted financial sanctions.
Mairead McGuinness, European Commission Commissioner for Financial Services, Financial Stability, and Capital Markets Union, noted the urgency of establishing a task force to set up the framework for AMLA to commence its duties. She stated, “We want and need to have trust in the financial system and to root out the illegal activities that fund money laundering and contribute to crimes against society, families, children, and women. This is an important step for the European Union.”