As of: February 22, 2024, 9:14 p.m
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The lights of the banking skyline of Frankfurt am Main shine in the evening.
© Boris Roessler/dpa
Nine European cities have vied for the seat of the new EU authority.
After the vote by representatives of the EU countries and the European Parliament, it is clear: Germany will win the contract.
Brussels - The European Union's new anti-money laundering authority is to be located in Frankfurt am Main.
On Thursday evening, representatives of the EU states and the European Parliament voted by a majority in favor of the headquarters of the so-called Amla (Anti-Money Laundering Authority) in the Main metropolis, as the Belgian EU Council Presidency announced.
This means that Germany's bid for the seat won against eight European capitals.
Federal Finance Minister Christian Lindner said Frankfurt was a “strong, credible and sustainable location” for the new authority.
As an authority with a European perspective, Amla will take the efforts in the fight against money laundering to a new level, said the FDP politician.
The federal government has campaigned intensively for Frankfurt am Main as a headquarters: “We want to further strengthen the financial center because the competition has become fiercer and the potential has not yet been exhausted.”
The EU Commission proposed a joint anti-money laundering authority in 2021.
The Amla is intended to combat money laundering and terrorist financing in the EU.
It is intended to directly supervise credit and financial institutions that operate across borders and are considered high risk, including providers of crypto asset services.
It will also coordinate and support the national supervisory authorities with more than 400 employees.
Amla is scheduled to begin operations in mid-2025.
Hesse's Prime Minister Boris Rhein (CDU) was pleased about the contract.
The city, state and federal government fought together.
“It is an honor for our state of Hesse to be able to host the Amla.” Frankfurt Mayor Mike Josef (SPD) called the decision “correct and consistent”.
The city offers “ideal conditions” for this in terms of culture and infrastructure, Josef said.
In addition, there are already important financial supervision institutions in Frankfurt.
Therefore, “the decision is also conclusive on the matter”.
The European Central Bank (ECB) is also based in Frankfurt.
The Federal Republic, Hesse and the city of Frankfurt want to make at least ten million euros available for the settlement, it was previously said.
In addition to Frankfurt, Rome, Vienna, Vilnius, Riga, Dublin, Madrid, Brussels and Paris also applied as locations for the new authority.
According to the information, Frankfurt received the smallest possible majority.
The second most votes were cast for Spain's capital Madrid.
The decision for the Frankfurt location still has to be formally accepted.
EU Commission Vice President Valdis Dombrovskis congratulated Frankfurt.
The new authority will fundamentally change the fight against dirty money, he wrote on the platform X (formerly Twitter).
The German Green MP Rasmus Andresen congratulated Frankfurt and the traffic light coalition.
“This vote represents a leap of faith so that the Federal Republic can catch up with other member states in the fight against money laundering,” he said.
The democratic selection process is very positive: “The winning city was no longer determined in a backroom deal between the member states, but had to face Parliament’s assessment in a public hearing and a joint vote between Parliament and the Council.”
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For the first time, public hearings were part of the process of selecting the location of a new EU agency.
The European Court of Justice had given Parliament the same right to have a say as states when it comes to the location of future EU authorities.
CSU MEP Markus Ferber sees the election as a “great honor for the Frankfurt financial center”.
The city is the ideal location for the new money laundering authority.
“The proximity to the common supervisory mechanism at the ECB is an unbeatable advantage,” said the economic policy spokesman for the Christian Democratic EPP group in the European Parliament.
Birgit Sippel, domestic policy spokeswoman for the social democratic S&D group, sees Frankfurt as an “excellent” location.
The priority of the anti-money laundering authority must now be to create comprehensive structures to fulfill the authority's newly created direct supervisory powers.
A further focus must be the necessary additional legislation to support and coordinate the national anti-money laundering authorities: “Many additional legal acts are still needed to combine this great responsibility in the new EU anti-money laundering authority.”
Martin Schirdewan, leader of the Left Party in the European Parliament, described the choice as strategically clever.
“This is where the big banking world is at home and the authorities have to keep an eye on it.” The ECB’s banking supervisors are around the corner and could provide initial help.
“This gives our new money laundering controllers a head start in the fight against organized crime.”
Gerhard Wiesheu, President of the Frankfurt Main Finance financial center initiative, said it was “a great success and a sensible decision by the European Union”.
The establishment of the authority in Frankfurt underlines the importance and importance of the financial center on the Main.
“Now it is important to live up to the responsibility.” dpa