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New EU anti-money laundering authority coming to Frankfurt

23.02.2024 | 16:58 Clock | Business
New EU anti-money laundering authority coming to Frankfurt

Detailed application convinced representatives of the EU Council and the European Parliament / The successful application is a further milestone for the financial center / The new EU authority is to begin its work by 2025 at the latest

The new anti-money laundering authority of the European Union, the AMLA (Anti Money Laundering Authority), will be based in Frankfurt am Main. The decision was made on Thursday evening, February 22, in a joint vote by the European Council and the European Parliament in Brussels. The German application with Frankfurt prevailed against eight competing applications, including Paris and Dublin, two other top financial centers in Europe.

This will create at least 400 new jobs in Frankfurt at the future supervisory authority, which will have a well-established network with the ECB and the other local financial supervisors. The Federal Government, the State of Hesse and the City of Frankfurt have promised the new EU authority their full support and resources for the rapid establishment of the AMLA. The AMLA is expected to begin its operational work in the fight against money laundering by the beginning of 2025 at the latest.

City of Frankfurt am Main ready for new EU authority

Mayor Mike Josef says: "The decision to locate the AMLA in Frankfurt is exactly right and consistent, because our city offers ideal conditions both culturally and in terms of infrastructure. In addition, key regulatory and supervisory institutions are already based in Frankfurt, so the decision is also logical. In addition to a dynamic economy, Frankfurt also offers a high quality of life and is the city of short distances. We warmly welcome the AMLA and all new citizens to Frankfurt."

Stephanie Wüst, Head of Economic Affairs, says: "The past few months have been characterized by extremely good teamwork at federal, state and city level. Structures have grown here that we can build on beyond today's success. Never before has a federal government made such a clear commitment to Frankfurt as Germany's financial center. We must now live up to this trust and prove that the decision in favor of Frankfurt was the right one. AMLA should and will be fully operational from day one. It will thus become an important building block of our regulatory hub and at the same time, in cooperation with the ECB, EIOPA and ESRB, further sharpen the European profile of our financial center."

Ansgar Roese, Managing Director of Wirtschaftsförderung Frankfurt, says: "As Wirtschaftsförderung Frankfurt, we have already supported the ECB and EIOPA in their successful establishment in Frankfurt. From numerous discussions with German banks, foreign banks and regulators, we know how much the financial center Frankfurt is valued for its good framework conditions and functioning structures. We have thrown ourselves into the AMLA campaign with great passion in order to pass on this knowledge and once again make a positive contribution. AMLA employees can look forward to a city worth living in, where everyone can feel welcome."

Multi-month application process comes to a successful end

In 2021, the EU Commission presented ambitious plans to strengthen the fight against money laundering and terrorist financing. In addition to standardizing key legislation within the EU, the establishment of a new European Anti-Money Laundering and Terrorist Financing Authority (AMLA) is of paramount importance.

In a process lasting several months, Frankfurt am Main applied for the seat of the EU anti-money laundering authority under the auspices of the Federal Ministry of Finance and the Hessian Ministry of Finance. In November 2023, Federal Minister of Finance Christian Lindner, former Hessian Minister of Finance Michael Boddenberg and Stephanie Wüst, Head of Economic Affairs, presented the German application in Brussels. As part of a hearing before representatives of the European Union in January 2024, Lindner, the new Hessian Minister of Finance Dr. Alexander Lorz, Lord Mayor Mike Josef and Wüst once again strongly promoted Frankfurt's bid.

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