Anti-Money Laundering Authority
On 26 October 2022, the Mayor of Madrid announced, together with the General Secretary of the Treasury and International Financing, of the Ministry of Economic Affairs and Digital Transformation, the decision to present the candidacy of Madrid to host the European Anti-Money Laundering Authority (AMLA).
It’s an exceptional opportunity for Spain and Madrid that will reinforce the image of Spain as a benchmark in the fight against money laundering, and of Madrid as an institutional and economic model at international level. Madrid will be a pole of attraction for talent and economic activity.
On 20 July 2021, the European Commission presented an ambitious package of legislative proposals to strengthen the EU’s anti-money laundering and countering the financing of terrorism (AML/CFT) rules. The package also includes a proposal for the creation of a new EU authority to fight money laundering (AMLA).
The new EU-level Anti-Money Laundering Authority (AMLA) will be the central authority coordinating national authorities to ensure the private sector correctly and consistently applies EU rules. AMLA will also support FIUs (Financial Intelligence Units) to improve their analytical capacity around illicit flows and make financial intelligence a key source for law enforcement agencies.
Spain has a money laundering prevention system that maintains high standards, being the only country in the EU and in the world with the highest qualifications in AML/CFT efficiency. In addition, the Spanish model has a robust institutional design similar to that proposed for AMLA, where the Commission for the Prevention of Money Laundering and its supporting bodies (SEPBLAC) act as regulator, supervisor, and Financial Intelligence Unit.
Madrid also has all the necessary keys to host the agency with the maximum guarantees. Madrid has excellent telecommunication, business and transport infrastructures, great economic dynamism, an enormous range of international and bilingual schools, prestigious universities and hospitals, a lower cost of living than other European cities... If we add to this the high quality of life and the welcoming nature of its inhabitants, Madrid becomes an ideal place to locate AMLA’s headquarters.