Latvia plans to submit an application for the seat of the European Union (EU) agency, the European Authority for Combating Money Laundering and Terrorist Financing (AMLA). The European Commission announced the official application for EU member states on September 28 and invites applications to be submitted by November 10.
Advancing the candidacy is an important contribution to strengthening the country’s image and reputation, positioning Latvia as a safe investment and sustainable economic destination, and confirms Latvia’s ability and readiness to host an important EU agency and ensure its functionality and appropriate infrastructure, the Ministry of Finance says in a press release.
Latvia has extensive and internationally recognized experience in the fight against the legalization of proceeds of crime and the financing of terrorism, according to the ministry. The opportunity to host an agency of this level in Riga would strengthen Latvia’s status as a European competence center in the field of money laundering and prevention of terrorism and proliferation financing.
It is planned to employ 250 employees
According to the information at the disposal of the Ministry of Finance, the applicant countries that plan to submit an application for the seat of AMLA are France, Italy, Spain, Germany, Austria, Belgium, Ireland, Lithuania and Luxembourg.
The Ministry of Finance informs that the application for the seat of the AMLA must include information in accordance with the selection criteria for the seat of the AMLA: date of commencement of AMLA activity in accordance with the entry into force of the AMLA regulation; Availability of AMLA’s place of residence according to the possibilities of public transport and accommodation; educational opportunities for children of AMLA employees; access to the labor market, social security and health care for children and spouses of AMLA employees; whether the selection of an EU member state takes into account the criterion of geographical balance, according to which preference is given to those member states in which there is a relatively smaller number of centralized EU institutions located so far.
It is planned to employ 250 employees at the AMLA headquarters. Their number could potentially increase to 400. AMLA is expected to start working in accordance with the entry into force of the AMLA regulation, which is planned for 2024.
After receiving all applications, the European Commission will evaluate them according to the criteria for selecting the location of the AMLA headquarters. After that, interviews with the representatives of the applicant countries will be organized by the Council of the EU and the European Parliament.
Currently, the AMLA regulation, as a regulatory act of the joint package for the prevention of money laundering and financing of terrorism and proliferation, is being examined in a trialogue with the joint cooperation of the EU Presidency, the European Parliament and the Council of the European Union.
A new EU agency
The Cabinet of Ministers decided at the meeting on November 2, 2021, that Latvia could advance its candidacy for the seat of AMLA, considering informative report on the establishment of a new EU agency – the European institution for the fight against money laundering and terrorist financing – and the nomination of Latvia for the seat of the agency.
On July 20, 2021, the European Commission presented a set of legislative proposals to strengthen EU rules in the field of money laundering and terrorist financing prevention. One of the legislative proposals of the European Commission includes a regulation establishing a new EU agency that will operate in the field of money laundering and terrorist financing prevention, implementing the monitoring and coordination functions assigned to it. It will act as the central supervisor of the field in the EU, coordinating the cooperation of supervisory authorities and financial intelligence units and implementing direct supervision of high-risk financial institutions.
2023-10-29 22:08:23
#Latvia #apply #seat #AMLA #agency #portal
