A significant milestone has been achieved as the Council and the Parliament reached a provisional agreement to establish a new European authority dedicated to countering money laundering and the financing of terrorism—AMLA. This agreement serves as the cornerstone of the broader anti-money laundering package, with the primary objective of safeguarding both EU citizens and the integrity of the EU's financial system against the threats posed by money laundering and terrorist financing.
𝐒𝐮𝐩𝐞𝐫𝐯𝐢𝐬𝐨𝐫𝐲 𝐏𝐨𝐰𝐞𝐫𝐬 𝐚𝐧𝐝 𝐎𝐛𝐥𝐢𝐠𝐚𝐭𝐢𝐨𝐧𝐬
AMLA will wield both direct and indirect supervisory powers over high-risk obliged entities within the financial sector. Notably, the agreement defers the decision regarding the agency's seat location, a matter still under active consideration through a separate track.
Given the cross-border nature of financial crimes, the new authority is poised to enhance the efficacy of the anti-money laundering and countering the financing of terrorism (AML/CFT) framework. This enhancement involves the creation of an integrated mechanism that collaborates with national supervisors. The objective is to ensure the compliance of obliged entities with AML/CFT-related obligations in the financial sector. Additionally, AMLA will play a supporting role in non-financial sectors and coordinate financial intelligence units across member states.
𝐓𝐚𝐫𝐠𝐞𝐭𝐞𝐝 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐒𝐚𝐧𝐜𝐭𝐢𝐨𝐧𝐬 𝐚𝐧𝐝 𝐆𝐨𝐯𝐞𝐫𝐧𝐚𝐧𝐜𝐞
AMLA will monitor selected obliged entities to ensure the implementation of internal policies and procedures for targeted financial sanctions, asset freezes, and confiscations. Governance structure includes a general board with representatives from supervisory and Financial Intelligence Units of all member states, and an executive board responsible for governing AMLA. Notably, the Commission's veto right on certain powers of the executive board, particularly budgetary powers, has been removed.
𝐖𝐡𝐢𝐬𝐭𝐥𝐞𝐛𝐥𝐨𝐰𝐢𝐧𝐠 𝐚𝐧𝐝 𝐃𝐢𝐬𝐩𝐮𝐭𝐞 𝐑𝐞𝐬𝐨𝐥𝐮𝐭𝐢𝐨𝐧
The provisional agreement introduces a reinforced whistleblowing mechanism. AMLA will handle reports only from the financial sector and may attend reports from employees of national authorities. AMLA is granted the authority to settle disagreements with a binding effect in the context of financial sector colleges and, upon the request of a financial supervisor, in any other case.
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