Anti-money-laundering authority (AMLA)

Anti-money-laundering authority (AMLA): Countering money laundering and the financing of terrorism

In July 2021, the European Commission tabled a proposal to establish a new EU authority to counter money laundering and the financing of terrorism (AMLA). This was part of a legislative package aimed at implementing the 2020 action plan for a comprehensive Union policy on preventing money laundering and the financing of terrorism. The AMLA would be the centre of an integrated system composed of the authority itself and the Member States' national authorities with an AML/CFT supervisory mandate. It would also support EU financial intelligence units and establish a cooperation mechanism among them. In the European Parliament, the file was referred to the Committees on Economic and Monetary Affairs (ECON) and on Civil Liberties, Justice and Home Affairs (LIBE). After reaching a provisional agreement on the AMLA in December 2023, the Parliament and the Council decided on the location of the Authority's seat (Frankfurt) in February 2024. Regulation (EU) 2024/1620 was adopted on 31 May 2024 and published in the Official Journal of the EU on 19 June 2024. It entered into force on 26 June 2024 and will start applying from 1 July 2025. Fifth edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure. The first edition was written by Carla Stamegna.