Excellent choice: Frankfurt will be the seat of the new EU Anti-Money Laundering Authority (AMLA)

published on 26 February 2024
 

The establishment of the new authority was already finally decided by the EU in December and was justified in particular by the fact that international money laundering links had not been recognized by the national supervisory authorities in the past. However, the decision to establish the new authority is also part of a larger legislative amendment in the fight against money laundering in the EU. In future, the AMLA is to directly supervise particularly high-risk cross-border institutions in the financial sector, among others, and also receive additional supervisory powers for other institutions and in the non-financial sector. According to a press release from the Federal Ministry of Finance, it is expected to begin its work as early as 2024 and be able to fully fulfil its supervisory tasks from the beginning of 2027.