Members' Research Service By / September 16, 2022

Anti-money-laundering authority (AMLA): Countering money laundering and the financing of terrorism [EU Legislation in Progress]

Money laundering is the execution of transactions to convert illegally obtained money into legal money.

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Written by Carla Stamegna (1st edition).

In July 2021, the European Commission tabled a proposal to establish a new EU authority to counter money laundering and the financing of terrorism (AMLA), in the context of a package of legislative proposals aimed at implementing the 2020 action plan for a comprehensive Union policy on preventing money laundering and the financing of terrorism. The AMLA would be the centre of an integrated system composed of the Authority itself and the national authorities with an AML/CFT supervisory mandate. It would also support EU financial intelligence units (FIUs) and establish a cooperation mechanism among them.

The Council achieved a partial political agreement on the proposal on 29 June 2022. In Parliament, the file was referred to the Committee on Economic and Monetary Affairs ECON) and the Committee on Civil Liberties, Justice and Home Affairs (LIBE). The co-rapporteurs issued their joint report in May 2022.

Versions

Proposal for a regulation of the European Parliament and of the Council establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism and amending Regulations (EU) No 1093/2010, (EU) 1094/2010, (EU) 1095/2010
Committees responsible:Economic and Monetary Affairs ECON) and Civil Liberties, Justice and Home Affairs (LIBE)COM(2021) 421
20.7.2021
Co-rapporteurs:Luis Garicano (Renew, Spain); Emil Radev (EPP, Bulgaria)2021/0240(COD)
Shadow rapporteurs:Isabel Benjumea Benjumea (EPP, Spain); Caterina Chinnici (S&D, Italy); Pedro Marques (S&D, Portugal); Ramona Strugariu (Renew, Romania); Gwendoline Delbos-Corfield (Greens/EFA, France); Ernest Urtasun (Greens/EFA, Spain); Gunnar Beck (ID, Germany); Annalisa Tardino (ID, Italy); Joachim Stanisław Brudziński (ECR, Poland); Andżelika Anna Możdżanowska (ECR, Poland); Clare Daly (The Left, Ireland); Martin Schirdewan (The Left, Germany)Ordinary legislative procedure (COD) (Parliament and Council on equal footing – formerly ‘co-decision’)
Next steps expected: Adoption of report in committee
EU Legislation in progress timeline

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