April 19. 2024. 7:50

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EU’s new Anti-Money Laundering Authority to be based in Frankfurt

The European Union’s new Anti-Money Laundering Authority (AMLA) will be based in Frankfurt, Germany, the Belgian Presidency of the EU said on Thursday (22 February), in a move the bloc hopes will advance its fight against illicit finance.

Previously lacking any pan-EU authority to control dirty money, Brussels relied on national regulators to enforce its rules, but member states did not always cooperate fully.

The Belgian Presidency said in a statement on X that AMLA will play a key role in fighting illicit financial activities, money laundering and terrorism financing in the EU. It will have more than 400 staff and will start operations in mid-2025.

✅ Deal ! @EUCouncil & @Europarl_EN agreed that the new European Anti-Money Laundering Authority (#AMLA) will be located in Frankfurt