Frankfurt will be the headquarters of the new EU anti-money laundering authority. Germany prevailed against eight other European capitals that had also competed for the authority's headquarters.
The new authority, known as AMLA (Anti-Money Laundering Authority), was proposed by the EU Commission in 2021. Its main task will be to combat money laundering and terrorist financing within the EU. It will supervise credit and financial institutions operating across borders and classified as high risk, including providers of crypto asset services.