The EU Council and the Parliament have agreed on the creation of a new European Anti-Money Laundering Authority countering the Financing of Terrorism (AMLA).  Its aim is to protect EU citizens and its financial system against money laundering and the financing of terrorism.

AMLA will have direct and indirect supervisory powers over high-risk obliged entities in the financial sector.  Furthermore, the new authority will boost the efficiency of the anti-money laundering and countering the financing of terrorism framework (AML/CFT), by creating an integrated mechanism with national supervisors to ensure obliged entities comply with obligations related to anti-money laundering and countering the financing of terrorism in the financial sector.

The agreement also gives AMLA the powers to directly supervise certain types of financial and credit entities, including crypto asset service providers, if they are deemed to be high risk or operate on a cross-border scale.

Madrid, the best option to host the AMLA headquarters

Madrid’s candidacy to host the European Anti-Money Laundering Authority is a unique opportunity for Madrid and for Spain. The choice of the capital would attract talent and increase economic activity, strengthening Madrid’s position as an institutional headquarters and economic hub in Europe, and Spain’s image as an international benchmark in the fight against money laundering.

Spain is already a benchmark in countering money laundering and is highly qualified in this field. Its robust institutional model, led by the Commission for the Prevention of Money Laundering and SEPBLAC, acts as a regulator, supervisor and Financial Intelligence Unit.

Furthermore, Madrid boasts first class infrastructures, a dynamic economy, international schools and universities, a good healthcare system and a cost of living that is not as high as in other European cities. All of this, along with its unrivalled quality of life makes it a perfect place for AMLA.