Frankfurt chosen as home for new EU Anti-Money Laundering Authority

The European Union (EU) has chosen Frankfurt am Main as the location of its new Anti-Money Laundering and Countering the Financing of Terrorism Authority (AMLA). The agreement was reached in February during an informal interinstitutional meeting between European Council and European Parliament representatives.

The decision highlights Frankfurt’s prominence as a leading financial hub in Europe. “This measure underscores the recognition that Frankfurt is a leading financial center in Europe, and it strengthens the city’s position as a center for financial services and compliance,” said Kaweh Mansoori, Hessen Minister of Economic Affairs.

“The decision to locate the AMLA in Frankfurt is exactly right, as our city offers ideal cultural and infrastructural conditions,” said Mike Josef, Lord Mayor of Frankfurt am Main, expressing his enthusiasm for the city’s new role. “Frankfurt boasts a dynamic economy and a high quality of life. Here is the ideal place for people from more than 180 countries in the heart of Europe.”

The authority is expected to foster closer cooperation between national supervisory authorities and the EU while increasing the effectiveness of anti-money laundering and counter-terrorist financing efforts. It will directly supervise high-risk cross-border financial institutions and have additional supervisory powers in other institutions and the non-financial sector. Furthermore, it will coordinate and optimize cooperation between national bodies.

The city, state, and federal government collaborated to apply to host AMLA in Frankfurt, competing against eight other countries, including Belgium (Brussels), Ireland (Dublin), Spain (Madrid), France (Paris), Italy (Rome), Latvia (Riga), Lithuania (Vilnius) and Austria (Vienna). Frankfurt won by far the most votes, with Madrid and Paris coming second and third.

AMLA will begin operations in mid-2025 and employ a staff of 400 to 500 professionals.