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The application for the location of the planned EU Anti-Money Laundering Authority (AMLA) is entering the decisive phase. Germany is campaigning for the seat in Frankfurt am Main.
Combating money laundering is a top priority for the EU and Germany. As part of an ambitious legislative proposal by the EU Commission, the EU not only wants to standardize the money laundering regulations across Europe, but also set up a designated EU authority to combat money laundering (Anti-Money Laundering Authority, abbreviated: AMLA) for the first time.
According to its own statement, the federal government supports this project and is committed to a strong AMLA. With the financial metropolis Frankfurt am Main, Germany wants to apply for the seat of the authority.
The official process has not yet started
Germany’s application for the AMLA seat is a joint project of the federal government, the state of Hesse and the city of Frankfurt under the leadership of the Federal Ministry of Finance. The official process has not yet started. In addition to Germany, several other member states have already signaled interest in the AMLA location and announced that they would like to apply.
“A strong AMLA also needs a strong, credible and sustainable location. As the most important financial center in continental Europe, Frankfurt is the right place for this; especially to ensure the operational success of AMLA from day one.”
Equipped with all the necessary regulatory and supervisory powers, the AMLA has the task of working with the supervisory authorities of the member states to ensure the uniform application of the legislation and to strengthen cooperation between the national financial intelligence units.
Aims to take the lead in protecting the integrity of the single market
In this way, the AMLA, as an authority with a European perspective, wants to step up efforts in the fight against money laundering for the first time and play a leading role in protecting the integrity of the internal market.
Interested parties can find out why Frankfurt is a good location for the AMLA www.amla-frankfurt.eu experience.
Federal Minister of Finance Christian Lindner is convinced: “A strong AMLA also needs a strong, credible and sustainable location. As the most important financial center in continental Europe, Frankfurt is the right place for this; especially to ensure the operational success of AMLA from day one.”
Source: Federal Ministry of Finance
Author(s): versicherungsmagazin.de
