EU: Stronger EU Rules To Fight Financial Crime – The New EU AML Authority

In June 2024, the European Union (EU) launched a new decentralised authority named as the Anti-Money Laundering and Countering the Financing of Terrorism Authority (AMLA). The Authority aims to start most of its activities in mid-2025.

Contents

What are the AMLA’s main objectives?
How will the AMLA impact the subject persons?
How will the AMLA impact authorities?
What are the next steps for AMLA?
What are the AMLA’s main objectives?

AMLA’s main objectives are to:

Coordinate national supervisors, so the private sector correctly and consistently applies EU rules.
Enhance cooperation among Financial Intelligence Units (FIUs), so as to improve their analytical capacity around illicit flows and make financial intelligence a key source for law enforcement agencies.
How will the AMLA impact the subject persons?
AMLA will directly supervise a number of selected financial sector entities that are exposed to the high risk of money laundering and terrorism financing and operate on cross border basis in at least six Member States.

The Authority will be able to take over supervision of any subject person on request from the national supervisor, or on its own initiative, where there is a Union interest to do so.
It will apply a coordination role across the non-financial sector.
How will the AMLA impact authorities?
AMLA will promote support and cooperation amongst national AML/CFT supervisory authorities to create a common supervisory culture.
The Authority will facilitate cooperation, information exchange and identification of best practices among FIUs.

10 January 2025

SINGAPORE: Malaysia unveils tax breaks for new economic zone with Singapore

Malaysia unveiled a slew of tax incentives to lure investors to its joint special economic zone (SEZ) with Singapore that seeks to add US$26 billion ($35.5 billion/RM117 billion) per year to the Malaysian

Read More
7 February 2025

CAREY OLSEN: Carey Olsen named Guernsey Law Firm of the Year at Lexology Index Awards

Press Release from Carey Olsen, Thursday 6 February, 2025. Carey Olsen has been named Guernsey Law Firm of the Year at the 2024 Lexology Index Awards – formerly known as the Who’s Who Legal

Read More
4 October 2024

CARIBBEAN: Caribbean Countries establish Interim Regulatory Commission for Citizenship by Investment Programmes

The Caribbean countries that offer Citizenship by Investment Programmes (CIP/CBI) have taken a practical step towards the establishment of a regional regulator by appointing an Interim Regulatory Commission

Read More
22 January 2024

HEDGE FUNDS: Top hedge funds make record $67bn in profits for 2023

Billionaire hedge fund managers Chris Hohn and Ken Griffin led the industry to record profits last year as bets on the stock market paid off handsomely for clients. The top 20 hedge fund managers made

Read More