Frankfurt, Germany. The European Union’s Anti-Money Laundering Authority said it is on track to be fully operational in 2028 as it set out a plan to address emerging illicit finance risks including crypto-assets and novel payment channels.
Agency launch and mandate
AMLA is being established in Frankfurt, creating the first Europe-wide body to fight illegal financial flows. From 2028, AMLA will directly supervise 40 EU financial institutions judged to present the biggest risk.
Operational timeline and staffing
AMLA said it will finalise its methodology for its risk assessment in 2026 and start the selection process in 2027, according to a 2026-2028 plan released on Wednesday. The agency said it has met its initial 2025 target of hiring 120 of the 432 staff it aims to employ.
Background and focus areas
The idea of an EU-wide agency was proposed in 2021 after a major money-laundering scandal highlighted the inadequacy of the bloc’s defences against illicit finance. AMLA chair Bruna Szego wrote that the authority would shift Europe from fragmented national responses to a unified, risk-based system and cited crypto-asset supervision and cross-border criminal innovation as challenges.
The plan cited developments in the crypto-asset market and novel payment channels as examples of emerging financial crime risks.
Crypto and terrorist financing
Researchers estimate that money launderers received at least $82 billion worth of cryptocurrencies last year, up from $10 billion five years earlier. The Financial Action Task Force has said the “vast majority” of terrorist financing uses regular money.
Comments from the board
Speaking on the sidelines of a conference in Brussels on Tuesday, AMLA board member Derville Rowland told Reuters the agency would follow the evidence to locate the biggest money-laundering risks and had yet to decide how much focus crypto would receive.
What do you think should be the priority for AMLA as it prepares to supervise the highest-risk financial institutions across the EU?
