Frankfurt has won a vote to become the host of the European Union's new Anti-Money Laundering Authority (AMLA).

The new entity will be the main enforcer of AML and anti-terrorism financing rules in the EU.

Anti-money laundering in the bloc has previously been governed by the national regulators of EU countries.

MEPs and EU ambassadors had a choice of nine candidates, with Frankfurt receiving the majority of the votes.

The European Parliament said that the new regulation is part of a wider of laws to reform the EU's framework for combatting money laundering and terrorist financing.

Once these wider laws are adopted, the new authority will come into force from July 2025.

Before then, the European Commission is responsible for establishing the Authority and for its initial operations.

“AMLA will be a game-changer in cracking down on dirty money in the EU," said co-rapporteurs Emil Radev (EPP, Bulgaria) and Eva Maria Poptcheva (Renew, Spain). "It will supervise the riskiest financial entities, oversee the non-financial sector, and play a crucial role in stopping evaders from circumventing targeted financial sanctions.

"Now that Parliament has an equal say in choosing the agency’s seat, we have made the process more transparent with joint public hearings, and introduced specific selection criteria to ensure that the location enables the Authority to fully execute its tasks and powers. Congratulations to the winner, Frankfurt!”

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