The European Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) was established in June 2024. It is an EU agency that will coordinate with national authorities on matters relating to anti-money laundering and countering terrorist financing. In addition, it will enhance cooperation among national financial intelligence units (FIUs).
AMLA has published a number of FAQs on its website, which clarify that it will assist in preventing sanctions circumvention. In order to achieve this, the AMLA will:
- "check compliance with sanctions-related measures by the riskiest cross-border groups in the financial sector"
- "contribute to a common supervisory approach to verification of compliance with sanctions-related requirements" and
- "provide critical input to the understanding and mitigation of risks of sanctions evasion/non-implementation" at EU level.
The legal procedure for the establishment of AMLA was concluded in June 2024. However, AMLA will begin its operations in 2025, and will be physically located in Frankfurt, Germany.
More information regarding the AMLA can be found on its website.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
