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Representatives of the Council and the European Parliament have chosen: The finance metropolis Frankfurt was able to prevail among the 9 applicants in the vote held on 22 February 2024 and will act as the control hub for the prevention of money laundering and terrorist financing in the EU in future.

The main task of the “anti-money laundering authority” (AMLA) is to monitor high-risk credit and financial institutions in Europe, including the crypto sector. To do so, AMLA aims to collect all information from national reporting entities and supervisory authorities and coordinate their collaboration, to prevent the spread of cross-border financial crime. The new administration will also focus on traders of luxury goods (e.g. yachts, precious stones, luxury cars, artworks) and operators in the sports industry (professional football clubs, sports agents). In cases of serious offences, AMLA is also authorized to impose penalties and take further measurements.

More than 400 employees are expected to begin work in Frankfurt when it opens in mid-2025. Financial funding of over 10 million euros from the federal government, the state of Hesse and the city of Frankfurt will provide an additional support for the new establishment’s start-off.

Sources: DIHK (German), European Council