Netherlands enters the race for AMLA as Latvia's chances are dashed by a contentious Parliament vote
Updated: Sep 2, 2022
According to reports, The Netherlands has put its name forward to host the new EU anti-money laundering authority (AMLA) in The Hague.
At least 250 people will work for the authority, and the host city can expect to earn between €25 and €30 million annually.
Dutch officials believe The Hague, which serves as both the administrative and regal capital of the Netherlands and currently hosts both the International Court of Justice and International Criminal Court, is the best option, according to Omroep West.
The Hague City Council issued a statement in which it stated: "In order to remain relevant as a beacon of peace and justice in the future, The Hague is actively working on deepening, broadening and renewing this profile."
According to the City Council, "this is done, among other things, by attracting new organisations that suit the city."
According to NLTimes, The Hague's municipal executive believes that AMLA's relocation to the city could offer worthwhile internship opportunities and employment for college students.
In the competition to host AMLA, European powerhouses France, Germany, and Italy were joined by Dublin, according to AML Intelligence's report from last October.
They joined Austria, Latvia, and Lithuania in expressing a desire to claim the spoils, with early predictions indicating that Paris—which is already the location of FATF and the European Banking Authority—would likely be the winner.
The recent rejection of Ilze Znotina's re-appointment to Latvia's FIU by the Parliament has ruined the country's chances. Znotina is incredibly well-liked and accomplished.
With 33 votes in favor and 45 votes against, the Saeima (Parliament) unexpectedly rejected Ilze's re-appointment. Many AFC experts cited Ilze's reforms as the reason Latvia avoided a FATF "grey listing."
The European Council will decide where to hold AMLA, and it is not anticipated that this decision will be made in the coming 12 months.
By fLEXI tEAM