EU to launch anti-money laundering agency after scandals
The European parliament and EU member states agreed on Wednesday (Dec 13) to establish a central body to clamp down on money laundering, as well as attempts to circumvent sanctions.
The new institution, known as the Anti-Money Laundering Authority (AMLA), will also crack down on the financing of terrorism.
It will be a hub working in coordination with national authorities to better fight against such illegal activity.
The agency will have supervisory powers and in serious cases or repeated breaches, it will have the power to hit culprits with financial penalties.
It will oversee the 40 riskiest financial entities and the agency will be able to supervise companies that allow people to trade and store crypto-assets.
“AMLA will be a game changer to crack down on dirty money in the EU,” said MEP Eva Maria Poptcheva, who helped guide the text through parliament.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
“AMLA will also play a crucial role avoiding the circumvention of targeted financial sanctions like the ones... by the EU against Russia,” she added.
A fight has broken out among several member states, including France and Germany, over where the body’s headquarters should be.
The deal did not settle the question of the location of the agency’s headquarters, but member states and the parliament are currently discussing the issue.
Nine cities have formally submitted applications to host AMLA: Brussels, Dublin, Frankfurt, Madrid, Paris, Riga, Rome, Vienna and Vilnius.
The European Commission, the EU’s executive arm, first proposed the idea for a stand-alone agency in 2021 after a series of dirty money scandals in Europe.
The agreement must be formally adopted by the parliament and the member states. AFP
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Fading bets of early RBA cuts frustrate Albanese reelection plan
France moves to acquire key activities of tech giant Atos
Hamas says no ‘major’ issues, as Gaza truce effort builds
Thai power demand hits record as extreme heat prompts warnings
Philippines denies deal with China over disputed South China Sea shoal
‘Everyone sits out’: Yangon parks offer heatwave relief