EU picks Frankfurt headquarters for new anti-money laundering authority

Frankfurt has emerged as the most suitable location for anti-money laundering and counterterrorism financing (AML/CFT) authority headquarters in Europe.

This decision was reached after a voting procedure on Feb. 22. Frankfurt emerged victorious over other major cities like Paris, Madrid, and Rome. It comes as part of a broader set of reforms following a series of high-profile money laundering scandals.

In a competitive vote held on Thursday, Feb. 22, Frankfurt emerged victorious over other major contenders such as Paris, Madrid, and Rome. The outcome of this vote may serve as a precedent for future decisions regarding the siting of EU agencies.

Speaking to reporters, Mairead McGuinness of the European Commission underscored the significance of tackling the problem of dirty money seeping into the financial system. She noted the prevalence of wake-up calls in recent years concerning the laundering of illicit funds and indicated that those calls were being heeded that evening.

The choice of location represents the concluding phase of an EU AMK/CFT overhaul, which introduces limitations on substantial cash transactions and stricter identity checks for football agents and sponsors.

Past scandals

The AMLA debut comes after a series of scandals, including Danske Bank’s admission of laundering hundreds of billions in illicit Russian funds through its Tallinn branch. There was also the collapse of financial institutions such as Malta’s Pilatus and Latvia’s ABLV.

Amidst nine contenders vying to serve as AMLA headquarters, officials harbored doubts regarding the likelihood of a definitive outcome — right up to the final moments.

During the ultimate round of the confidential ballot, Frankfurt secured 28 votes, while Madrid received 16, Paris six, and Rome four, according to lead lawmaker Eva Maria Poptcheva (Spain/Renew Europe), who briefed reporters.

On Jan. 18, the Parliament and the Council reached a political agreement on the proposals for the f

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Author: Ogwu Osaemezu Emmanuel

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