Paris has officially announced its bid to host the new European Anti-Money Laundering Authority (AMLA) and its staff.
The French capital is already home to the Financial Action Task Force (FATF) and the European Banking Authority (EBA), and the city’s bid says that these are organisations with which the AMLA would have numerous and fruitful interactions if the French capital was to host the new authority.
In July 2021, the European Commission published a draft for a European regulation aiming to create a new European authority.
The AMLA will be responsible for fighting money laundering and the financing of terrorism. It will have supervisory and sanctioning powers and aims to ensure a harmonised implementation of the regulations applicable in the EU.
The bid by Paris highlights that in May 2022, at the end of a process that lasted more than two years, the FATF gave France, alongside the UK, an unprecedented rating, placing it in first place in terms of AML/CFT effectiveness.
It also highlights that the FATF itself was founded on France’s initiative in July 1989 at the G7 Summit in Paris. The FATF secretariat is located at the OECD headquarters in Paris.
France can also claim proven expertise in setting up other European agencies, including the EBA, the European Railway Agency, the European Securities and Markets Authority and the European Union Institute for Security Studies.
A brochure containing further information on the bid by Paris to host the AMLA can be found here.
Categories: Trade Based Financial crimes News