The Anti-Money Laundering Authority (AMLA), formal name the Authority for Anti-Money Laundering and Countering the Financing of Terrorism, is an agency of the European Union, based in Frankfurt.
In February 2018, the demise of ABLV Bank triggered a debate on the structure of Anti-Money Laundering (AML) supervision in the European Union. A few weeks later, ECB Supervisory Board chair Danièle Nouy declared that it is “very embarrassing to depend on the United States to do the [AML] job. This has to change [...] We need a European institution that is implementing in a thorough, deep, consistent fashion this [AML] legislation in the euro area”. In October 2018, the think-tank Bruegel published a study recommending the creation of a European AML Authority and providing a blueprint for its key features.
The European Commission first proposed AMLA in July 2021 after a series of financial scandals further exposed significant flaws in AML supervision.[1] Described as a "game-changer in cracking down on dirty money in the EU," AMLA is intended to curb illicit financial flows while improving coordination between governmental intelligence authorities within the bloc.[2] On, it was announced that AMLA would be located in Frankfurt.[3]
The EU Regulation establishing AMLA entered into force on . That same day, the newly established agency advertised an open position for its chair.[4]