France has begun its formal application to host the EU's Anti-Money Laundering Authority (AMLA) in Paris.
The French government issued a statement in which it claimed that as a result of receiving a "unprecedented rating" for its AML/CFT effectiveness from the Financial Action Task Force, the nation plays a "leading role" in the fight against money laundering.
According to the statement, the French AML/CFT framework is "robust and sophisticated with a high level of effectiveness in the investigation and prosecution of financing of terrorism, confiscation of criminal assets, and international cooperation."
In addition to its mandatory contribution, France also makes a voluntary annual contribution of 1 million euros, making it the largest European contributor to the FATF budget.
According to the government, France's commitment to "giving this organisation the means to carry out its missions and achieve its ambitious objectives" is demonstrated by this voluntary contribution.
France might "usefully place its expertise and experience at the service of the future European authority in this area, which presents major AML/CFT challenges for the future," and has also been a "pioneer in AML/CFT regulation and supervision of digital assets service providers."
With more than 362,000 people employed in the financial industry and a recent market capitalization larger than London's, Paris also has a strong concentration of tech companies.
The effectiveness of the battle against money laundering and the financing of terrorism is a priority for France, according to French President Emmanuel Macron, who supported the initiative.
He continued, "France should naturally apply to host the headquarters of the future European anti-money laundering authority because it is particularly active in the relevant international bodies and forums."
President Macron stated that "The choice of Paris will enable this future authority to benefit fully from the synergies with the FATF, the European Banking Agency and the European Securities and Markets Authority, which are already based there, thus strengthening the Union’s leading role in this crucial area."
"France has long supported efforts to strengthen the European AML/CFT approach to remedy the lack of coordination and cooperation between the competent national authorities of the Member States," said Bruno Le Maire, minister of economy, finance, industrial sovereignty, and digital sovereignty.
"It has also done its utmost to obtain an agreement in the ECOFIN Council on the draft regulation creating the future European AML/CFT authority at the end of its Presidency of the EU Council in the first half of 2022. We will also be fully mobilised to offer the future authority the best possible financial conditions to facilitate its establishment in Paris."
By fLEXI tEAM