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The much-anticipated decision on the location of Europe's new Anti-Money Laundering Authority (AMLA) is scheduled for February 22, according to sources at AML Intelligence. On this day, European governments and Members of the European Parliament (MEPs) will convene to determine which of the nine bidding cities will secure the headquarters of the AMLA.
The main contenders for the prestigious role are Germany and Ireland, expected to compete for the headquarters, which comes with the promise of 750 well-paid positions and the potential for up to 10,000 additional roles in compliance, regulation, and law enforcement.
Ahead of the decision day, MEPs will engage in questioning the nine bidding countries on January 30 during hearings in the European Parliament. This marks a significant step in the process, as the public hearings are part of a new approach following a European Court judgment that granted Parliament an equal say with the Council in selecting the host cities for future agencies.
The joint public hearing organized by the European Parliament and the Council of the EU will provide a platform for the nine candidates to present their bids and respond to inquiries from MEPs and Council representatives. The session is set to commence at 08:30 and will follow a specific order for presentations:
Italy, Rome: 9:00-10:00
Austria, Vienna: 10:00-11:00
Lithuania, Vilnius: 11:00-12:00
Latvia, Riga: 13:30-14:30
Germany, Frankfurt: 14:30-15:30
Ireland, Dublin: 15:30-16:30
Spain, Madrid: 17:00-18:00
France, Paris: 18:00-19:00
Belgium, Brussels: 19:00-20:00
The final decision on the agency's seat will be determined by a joint vote of Parliament and the Council. While February 22 is the target date, there is speculation that the decision could be pushed into March, with sources acknowledging the possibility of delays but stressing that March must be the ultimate deadline.
The AMLA, originally expected to be operational by now, has faced delays, prompting the hope for a decision in late February or early March. The co-legislators aim to formally adopt the laws before the EU elections in June 2024, completing the package of measures against money laundering and terrorist financing.
By fLEXI tEAM