EU 'Anti-Money Laundering Agency' to Be Established in Frankfurt, Germany
New Organization Established in Germany After Voting by 9 Countries
The European Union (EU) is unveiling its anti-money laundering agency in Frankfurt, Germany.
According to the Belgian government, which holds the rotating presidency of the EU in the first half of the year, the EU Council and the European Parliament reached a final agreement on the location of the Anti-Money Laundering Authority (AMLA) during a meeting on the 22nd (local time).
![[Image source=Reuters Yonhap News]](http://www.asiae.co.kr/news/img_view.htm?img=2024012921585547327_1706533135.jpg)
After competition among nine countries including Germany, Belgium, France, and Italy, AMLA will be established in Germany. It is expected to be fully operational by mid-next year with a staff of around 400. German Chancellor Olaf Scholz stated, "Frankfurt will strengthen its position as a European financial hub."
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AMLA is one of the legislative packages promoted by the European Commission in 2021 to strengthen regulations related to money laundering and terrorist financing. Its purpose is to oversee and penalize illegal financial activities crossing borders. The EU expects AMLA to enhance the effectiveness of related regulations.
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