The European Council and European Parliament have chosen Frankfurt as the seat of the future European authority for anti-money laundering and countering terrorist financing (AMLA). In its statement, the European Council called the new authority “the centrepiece of the reform of the EU’s anti-money laundering framework”. It will be given direct and indirect supervisory powers over obliged entities and the power to impose sanctions and measures.
AMLA will begin operations in 2025 with more than 400 staff members. Its location in Frankfurt was selected after a call for applications, during which nine member states, including Belgium (Brussels), Ireland (Dublin), and Spain (Madrid) submitted applications to host the authority.