AMLA, these are the first letters for the new EU authority, which stands for Anti-Money Laundering Authority. Tasks of the Commission: Actions to prevent money laundering – and to combat the financing of terrorism. Accordingly, the acronym is supplemented by the letters CFT (Combating the Financing of Terrorism) – forming AMLA/CFT. So much for formalities.
The authority will take over and integrate the competences of other bodies in the EU, for example from European Banking Supervision. And it should position itself as a platform for collection and exchange of relevant financial information and inquiries. As far as nation-states and their jurisdiction are concerned – always an important area – the AMLA should assume at least a coordinating role.
AMLA's responsibility and mandate are still unclear
The EU Commission, governments and Parliament have been negotiating for more than three years what tasks AMLA should undertake. The goal is clear: curbing cross-border crime. Suspicious transactions are estimated at several hundred billion euros per year.
Exact responsibilities must first be determined in certain areas, particularly the audit and control mandate. AMLA can be used for 40 financial institutions, for example large banks or asset managers operating in several European countries, and for cross-border crimes, as well as direct monitoring of traders and investors in the area of cryptocurrencies.
First we need to define which country the companies are. Another thing to do: make common rules, especially where there are central and national regulatory authorities. The 27 EU members sometimes have very different regulations; The aim is to synchronize them. AMLA should help with this.
All want to accept EU authorities, including Austria
No matter the image of the EU, especially the Brussels administration, and no matter how fair or unfair the debate, there will always be a divide in establishing EU officials. Also in case of AMLA. The authority is said to have a few hundred positions, there is talk of 400 or 500, and the trend is increasing. There are also families, private and official visitors and conferences. An activity that every city hopes to benefit from.
At the moment there are nine candidate cities, each trying to present itself as favorably as possible. Vienna, Frankfurt am Main financial center with free rent, climate ticket and internationally documented quality of life, for example, “shortcuts” to the ECB and other related institutions – and 20 million euros in subsidies. Vilnius, Riga, Dublin, Brussels and prestigious institutions from Madrid, Rome and Paris are also candidates.
It is not yet known who will win the competition. Member States vote first thing in the morning, followed by representatives of the EU Parliament in the afternoon. Both groups have 27 votes. It can happen even faster. Ultimately, if governments agree on a city, a majority can be easily achieved. Even if a majority of parliamentarians opt for a different city, there is a possibility of a patriotic turnout.