The corks are popping in Frankfurt am Main: The new anti-money laundering authority of the European Union (AMLA) will have its headquarters there have. This puts Frankfurt ahead of eight other European cities that applied for the authority. The EU hopes that the AMLA will make great progress in the fight against financial crime. Among other things, it should also directly supervise the crypto sector, which has become increasingly important for illegal financial transactions in recent years. The Belgian Presidency explained on Xthat the AMLA should play a key role in combating money laundering and terrorist financing in the European Union.
To date, there has been no EU authority to control money laundering and other illegal financial transactions. Therefore, Brussels relied on national regulators to enforce its rules. However, the 27 EU member states did not always cooperate fully and there were difficulties in exchanging data. Through the first time Co-determination of the EU Parliament, the selection process was complicated. In the winning city of Frankfurt, the authority can now choose between three buildings. Either it will be the trade fair tower, Tower 185 in the city center or the Flow office building directly at Frankfurt Airport.
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How Frankfurt benefits from the EU authority
Finance Minister Christian Lindner (FDP) should also be pleased that the banking metropolis on the Main was awarded the contract. Finally he advertised personally several times at the EU institutions in Brussels for Frankfurt as the new location of the anti-money laundering authority. Frankfurt received the most votes in the tender, while Madrid and Paris came in second and third place. The AMLA will also be responsible for supervising the 40 largest financial institutions as well as commercial law firms and management consultants in the EU. For the City of Frankfurt The award is worth it, not least because of the over 400 well-paid jobs that will be created at AMLA.
The new EU authority is part of a larger legislative package to reform the EU framework regulation for combating financial crime. The crypto industry also falls under the purview of the AMLA, according to EU Commissioner Mairead McGuinness emphasized: “We address the risks posed by cryptocurrencies and the anonymity associated with them.” The officials are scheduled to start work in Frankfurt in mid-2025. With the adoption of the money laundering regulation “Transfer of Funds” (TFR) as well as the comprehensive MiCa-Regulatory Regulation, the EU was the first major economic area to adopt a uniform crypto regulation.
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