The EP and Council teams have reached an agreement on the creation of the European Anti-Money Laundering Authority (AMLA) to enforce EU rules against money laundering. A political agreement has been reached, excluding the agency’s future seat, which is still under discussion.
AMLA, as part of a comprehensive anti-money laundering and terrorist financing package, will oversee the EU’s new rules for combating illicit money flows. It will directly supervise high-risk financial entities operating in at least six member states and one in each member state. AMLA will have robust powers to intervene in case of supervisory failures and take over tasks.
Additionally, AMLA will act as a central hub coordinating supervisors across EU countries, mediating disputes, and supporting financial intelligence units in analyzing suspicious transactions. Negotiators have also agreed on harmonized rules, including whistleblower protection and cooperation between national units and AMLA.
The selection of AMLA’s seat, a decision influenced by a Court of Justice ruling, will take place in 2024 through the ordinary legislative procedure. Hearings with interested candidates will be conducted. Co-rapporteurs emphasize AMLA’s pivotal role in tackling financial crime and ensuring cooperation in a cross-border environment.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}