# EU to Set Up A New Anti-Money Laundering Agency By 2026

- Link: https://euemployment.eu/eu-anti-money-laundering-agency/
- Published: 2023-10-05T15:45:44+02:00
- Author: Ben

European Union (EU) countries currently are competing for the right to host the 
new [EU Anti-Money Laundering Authority](https://euemployment.eu/glossary/amla/)(
[AMLA](https://euemployment.eu/glossary/amla/)), which is expected to be fully operational
by the end of 2026.

Establishing [AMLA](https://euemployment.eu/glossary/amla/) is part of a legislative
package aimed at implementing the 2020 EU action plan for a comprehensive Union 
policy on preventing money laundering and the financing of terrorism.

[AMLA](https://euemployment.eu/glossary/amla/) would be the centre of an integrated
system composed of the authority itself and the national authorities with an AML/
CFT supervisory mandate. It would also support EU financial intelligence units (
FIUs) and establish a cooperation mechanism among them. The Council achieved a partial
political agreement on the proposal on 29 June 2022.

According to the [European Commission](https://euemployment.eu/glossary/european-commission/),
the [AMLA](https://euemployment.eu/glossary/amla/) will begin with 150 staff members
in its first year of operation, growing to 300-350 across the next two years, with
an expected total of 400 when the Authority is at a “cruising” altitude. [AMLA](https://euemployment.eu/glossary/amla/)
should also have a 10,000 square-meter highly secure office, that can accommodate
not only the agency’s staff, but also a delegate from financial-intelligence units
of each of the 27 EU member states.

The EU has outlined several criteria that will be considered during the selection
process, including proximity to airports and hotels, multilingual schools for staff
children, local job opportunities for spouses, geographic balance, and willingness
and ability to cover the building’s rent “indefinitely.” Austria, France, Germany,
Ireland, Italy, Lithuania, the Netherlands, and Spain have already voiced interest
in hosting the [AMLA](https://euemployment.eu/glossary/amla/).

The establishment of the [AMLA](https://euemployment.eu/glossary/amla/) is a significant
[step](https://euemployment.eu/glossary/grade/) towards enhancing the fight against
financial crime and ensuring financial integrity across the EU. The EU is becoming
increasingly serious about the importance of AML/CFT and is willing to undertake
radical changes to improve its performance.

Sources:

 * [https://www.europarl.europa.eu/thinktank/en/document/EPRS_BRI(2022)733645](https://www.europarl.europa.eu/thinktank/en/document/EPRS_BRI(2022)733645)
 * [https://complyadvantage.com/insights/european-commission-details-further-plans-for-the-eus-new-anti-money-laundering-authority/](https://complyadvantage.com/insights/european-commission-details-further-plans-for-the-eus-new-anti-money-laundering-authority/)
 * [https://www.linkedin.com/pulse/choice-location-eus-anti-money-laundering-authority-amla-kristensen/](https://www.linkedin.com/pulse/choice-location-eus-anti-money-laundering-authority-amla-kristensen/)
 * [https://www.regulationtomorrow.com/eu/new-eu-measures-against-money-laundering-and-terrorist-financing/](https://www.regulationtomorrow.com/eu/new-eu-measures-against-money-laundering-and-terrorist-financing/)