Frankfurt has emerged as the front-runner in the race to be the new host city of the European Union’s Anti-Money Laundering Authority (AMLA). The decision came after a preliminary vote by the Council of European Union Member States.
The German city, which is already a significant financial hub, was favoured over Paris in this initial round of votes according to persons privy to the decision.
These sources preferred to remain anonymous due to the sensitive nature of the early results. This is particularly the case as the final outcome could still change.
There is an impending vote set to take place in the European Parliament later this week. It’s still possible that another city could clinch the coveted position to host the AMLA.
The Anti-Money Laundering Authority is a new body within the European Union. It is tasked with combating money laundering and terrorism financing. The establishment of a dedicated EU institution for this purpose makes clear the serious commitment of Member States to mitigate financial risks. Nine EU nations have expressed their interest in hosting the newly minted institution, demonstrating tough competition.
The choice of the host city for the AMLA will have far-reaching implications for the financial industry within the European Union, given the influential role the authority is set to play. As such, the upcoming European Parliament vote is being watched keenly by legal and financial professionals across the continent and beyond.