EU Sets Timeline for Launch of Anti-Money Laundering Agency

By mid-2025, the European Union will establish a new regulatory body to combat money laundering — AMLA.

?Frankfurt ?? has been selected as host city for the EU anti-money laundering authority.

The Council and @Europarl_EN voted together to choose which of the nine candidates would become the headquarters.

Find out more about the new agency’s tasks ⬇️

— EU Council (@EUCouncil) February 23, 2024

The headquarters will be located in Frankfurt, with a team of over 400 employees.

AMLA is expected to oversee “high-risk and cross-border financial organizations,” including cryptocurrency companies. The supervisory body will coordinate its activities with financial intelligence units and regulators from other EU countries.

The executive board of the Authority will include a chairperson and five independent members.

Plans to create such an agency in the EU were first revealed in July 2021. The European Commission’s project noted that money laundering, terrorism financing, and organized crime remain significant issues.

In May 2023, the Council of the European Union unanimously approved a bill to regulate the crypto-assets market. The document requires companies to obtain a license to operate in the EC, and stablecoin issuers to have reserve backing.

In January 2024, EU authorities provisionally agreed on a package of measures to combat money laundering and terrorism financing, which will tighten existing rules for the crypto industry.