New EU authority AMLA to combat money laundering

Frankfurt/Main (dpa) – Crime, corruption, illegal employment: every year, billions of euros from illicit sources are channelled into the legal economy in Europe. The European Union’s new agency, AMLA (Anti-Money Laundering Authority), based in Frankfurt, is set to tackle money laundering more effectively.  AMLA’s role is to directly supervise around 40 banks operating across borders and deemed to pose high money-laundering risks – including providers of crypto asset services. Housed in Frankfurt’s Messeturm and employing more than 400 staff, the EU authority will also coordinate and support national supervisory authorities. 

“We currently have 27 different systems across Europe for combating money laundering,” said AMLA head Bruna Szego, adding that this system needed to be harmonised. “There must be no loopholes that criminals can exploit,” said Szego. AMLA is expected to help reduce serious crimes such as organised crime, drug and human trafficking, and terrorism.