BRUSSELS, Feb. 22 (Xinhua) -- The European Union's (EU) new anti-money laundering agency (AMLA) will be based in Frankfurt, representatives from the EU member states and the European Parliament agreed on Thursday in Brussels.
As the centerpiece of the reform of the EU's anti-money laundering framework, AMLA will "have direct and indirect supervisory powers over obliged entities and the power to impose sanctions and measures," the European Council said in a press release.
Mairead McGuinness, European Commissioner for financial services, said at a press conference that the EU is lowering the risks that come with handling large sum of cash, and at the same time is "addressing risks posed by crypto and the anonymity it enables."
On July 20, 2021, the European Commission presented a package of legislative proposals to strengthen the EU's rules on anti-money laundering and countering terrorist financing. This package includes a regulation establishing a new EU anti-money laundering authority.
The new authority in Frankfurt, also home to the European Central Bank, will begin operations in mid-2025 with over 400 staff members.
