Frankfurt has been chosen as the headquarters of the EU’s new anti-money laundering agency, AMLA (Anti-Money Laundering Authority). The EU member states have decided this together with the European Parliament. Vienna also served as headquarters for the authority, which will employ around 400 people in the future.
In addition to Vienna and Frankfurt, Paris, Madrid, Rome, Brussels, Riga, Vilnius and Dublin were also in the running. It is the first time that the EU Parliament has had a say in the choice of the headquarters of an EU agency, after the European Court of Justice granted Parliament this right.
It was agreed that both the European Parliament and the Council of the EU countries would each have 27 votes, which they could divide among the nine candidates. However, EU countries agreed to agree on a location in a multi-stage voting process and thus award their 27 votes to a city.
Must also take action against terrorist financing
The new agency was created as part of the EU’s anti-money laundering package and is also intended to tackle terrorist financing. It will directly supervise up to 40 cross-border financial institutions (including crypto service providers) identified as being at high risk of money laundering.
For the other financial undertakings, supervision remains with the national authorities. In the non-banking sector, the AMLA should also be able to support national authorities.
Source: Krone
I am Ida Scott, a journalist and content author with a passion for uncovering the truth. I have been writing professionally for Today Times Live since 2020 and specialize in political news. My career began when I was just 17; I had already developed a knack for research and an eye for detail which made me stand out from my peers.
