The authority with around 500 employees should be able to directly check companies across Europe – especially banks. Germany supported the project with ten million euros and three buildings in Frankfurt were reserved.
The European Union's new anti-money laundering authority will be located in Frankfurt am Main. The 27 EU member states decided this on Thursday together with the European Parliament, as the Belgian presidency of the EU Council announced on Thursday. Paris and Madrid were recently considered the fiercest rivals in the months-long selection process, and Dublin also had opportunities.
Vienna also applied – and once again left empty-handed. When the Republic asked the European Banking Authority and the European Medicines Agency to withdraw from London in 2017 as a result of Brexit, its representatives presented almost word for word the same arguments as in the Amla case: high quality of life, numerous international organizations local, central Location. Paris and Amsterdam won the contract. Vienna was eliminated at the start both times. In any case, it may not have been an advantage that the third district building, which the Republic would make available to the EU Amla authority, will not be completed until the end of 2026.
The European Central Bank (ECB) is already located in the Hessian city of Frankfurt, which not only sets key interest rates and strives for price stability, but also supervises the largest banks. Additionally, the EU's insurance supervisory authority, EIOPA, is based in Frankfurt. Federal Finance Minister Christian Lindner personally supported the main metropolis. With the authority in Frankfurt called Amla, there could be unified oversight of the fight against money laundering in a single location.
500 employees planned
The authority is expected to initially have up to 500 employees. It aims to directly verify around 200 companies across Europe, mainly banks and financial service providers. It is also planned to develop recommendations for national authorities.
Three potential buildings have been reserved in Frankfurt for Amla. Germany supported the project with ten million euros. The purpose of the money is to help you get up and running quickly in the first few years.
The burden of enforcement was that money laundering is more widespread in Germany than in many other EU countries. An international committee of experts confirmed that Germany has made progress in the summer of 2022, but still sees a need for action. Above all, effective law enforcement is lacking. Lindner intends to group the different competencies within the national fight against money laundering into a new authority with sufficient staff and a modern IT infrastructure. However, the project has not yet been approved by the Bundestag. (Portal)