Anti-money-laundering authority (AMLA): Countering money laundering and the financing of terrorism

Briefing 20-03-2024

In July 2021, the European Commission tabled a proposal to establish a new EU authority to counter money laundering and the financing of terrorism (AMLA). This was part of a legislative package aimed at implementing the 2020 action plan for a comprehensive Union policy on preventing money laundering and the financing of terrorism. The AMLA would be the centre of an integrated system, composed of the authority itself and national authorities with an AML/CFT supervisory mandate. It would also support EU financial intelligence units (FIUs) and establish a cooperation mechanism among them. In the European Parliament, the file was referred to the Committee on Economic and Monetary Affairs (ECON) and the Committee on Civil Liberties, Justice and Home Affairs (LIBE). The co rapporteurs' draft report was voted on 28 March 2023 and the plenary mandate on 17 April 2023. The Parliament and the Council reached a provisional agreement in December 2023, and the decision on the seat was taken by a joint vote on 22 February 2024. Fourth edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure. The first edition was written by Carla Stamegna.