Today the EU has chosen the headquarters of the new anti-money laundering authority Madrid is fighting for

Today the EU has chosen the headquarters of the new anti-money laundering authority Madrid is fighting forefe

new headquarters European Anti-Money Laundering Authority and the financing of terrorism (AMLA, for its acronym in English), which Madrid is fighting for, will be announced between Thursday night and Friday morning after a vote in which Council representatives will take part and, for the first time, also Europeans. From Parliament.

The capital of Madrid, which proposes that it is new The office is located in Crystal Tower The financial centre, competes with eight other European cities: Rome (Italy), Vienna (Austria), Vilnius (Lithuania), Riga (Latvia), Frankfurt (Germany), Dublin (Ireland), Paris (France) and Brussels ( Belgium) ).

Voting begins this Thursday at 6:00 p.m. and could take several hours until one city receives the necessary majority – at least 28 votes if 54 valid votes are cast – as planned. Several rounds will be held so that one of them is finally selected, as community sources told Europa Press.

The process does not provide for cities to be rejected in each round of voting, so they will all “survive” to the end of the process.

The Council and the Parliament shall each haveE 27 voting ballots that must be cast for their candidate Favorite. Each member state will have one vote in the Council, while the European Parliament has divided them into political groups according to their size.

In this way the European People’s Party will have 8 votes; Social Democrats, with 6; liberal (renewal), with 4; Greens, with 3; the conservatives and reformists and the extreme right groups of Identity and Democracy, with 3 and 2 respectively; And the Left, by one vote.

Each delegate having the right to vote may also decide to abstain from or not support any candidate and, once the ballot has been cast, the results will be announced by announcing the votes one by one.

AMLA’s mission

AMLA is the centerpiece of a wider package to combat money laundering and terrorist financing, and its task will be to oversee new EU regulation to tackle dirty money flows and high-risk financial institutions. – Operating in at least six Member States -. It will also have strong powers to intervene and take over in the event of supervisory failures.

The new authority will also act as a coordinator of the actions of supervisors in different EU countries and ensure convergence of supervisory practices. Based on a proposal from European ParliamentAMLA will also be tasked with mediating and resolving disputes between national authorities.

In addition, AMLA will support Financial Intelligence Units in the analysis of suspicious transactions and detection of money laundering cases, in particular supporting joint analysis and management of the system used to share Financial Intelligence Unit (FIU) information. By doing.

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