By STEPHEN RAE in Brussels
EUROPE’s new AML Authority (AMLA) will play a role in policing sanctions evasion, it was agreed overnight at marathon talks .
Negotiators from the European Parliament and European Council agreed that AMLA should supervise the circumvention of targeted financial sanctions like the ones included in the 11 sanctions packages approved by the EU against Russia.
The legislation and scope of AMLA were finalised at the “Super Tuesday” talks – but critically failed to agree on how to decide its location.
Negotiators agreed it will directly supervise the most risky financial entities – those with operations in at least 6 member states – and in any event, supervising one per member state.
Marathon talks at Tuesday’s “jumbo trilogue” broke up early this morning (Wednesday) with no white smoke on who decides which city to locate the agency.
“The agreement does not include the seat of the future agency, on which discussions will continue,” according to a statement.
Intriguingly, the two co-legislators said they “intend to host hearings with the candidates that have expressed their interest.” That holds open the nine bidding cities going to Brussels to make their pitch in person.
Last night’s talks now mean there is political agreement on establishing the Anti-Money Laundering Authority (AMLA).
Co-rapporteur Eva Maria Poptcheva (Renew, Spain) said: “We have a deal on the substantive provisions of the new Anti-money Laundering Authority. AMLA will be a game changer to crack down on dirty money in the EU. It will supervise the 40 riskiest financial entities and it will oversee the non-financial sector to prevent cases like the Pandora Papers.
“AMLA will also play a crucial role avoiding the cir
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