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The race to host the European Anti-Money Laundering Authority (AMLA) is on. Last September, the Commission issued a call for applications to member states to host the newest EU decentralised agency which will act “as a supervisor at the centre of an EU integrated supervisory system and enhance cooperation among financial intelligence units in relation to illicit flows”. The closing date for submissions was 10 November.
A few criteria will be taken into consideration when selecting the location, including the capacity of recruitment, the date on which AMLA can become operational, accessibility, training opportunities and, more importantly, whether money laundering/terrorist financing risks are “adequately addressed in the member state”.
At least 10 cities have thrown their hats into the ring.
Italy also started its campaign for Rome to host the authority, with an official website launched on 19 October showcasing why “Rome is ready to host AMLA”.
Located in the eternal city’s EUR district, the Italian AMLA headquarters are promised to be available and operational from day one, with a state-of-the-art cybersecurity system and the latest energy-saving technologies, and space for up to 450 employees.
There is indeed an incredibly strong case for Italy to spearhead European efforts to tackle money laundering. Italy’s strong legacy in fighting financial crime, hardened by years of countering mafias and terrorist groups, is well-known.
Among EU member states, Italy is one of the countries with the most “mature and sophisticated AML/CTF regime” and a “well-developed legal and institutional framework”, as reported in the Financial Action Task Force’s (FATF) latest Mutual Evaluation Report from 2016.
Beyond their domestic endeavours, Italian authorities also have a long history of improving the global fight against financial crime and increasing international cooperation. For example, building on its experience at home, Italian authorities have spearheaded the FATF’s efforts to improve asset recovery standards.
There are also multiple capacity-building and training initiatives undertaken by the Guardia di Finanza alongside European and international organisations.
As the Italian candidacy brochure aptly reminds us, the “follow the money” approach was introduced by Italian prosecutors to dismantle criminal networks and is now a global standard for tackling money laundering.
If capacity to fight financial crime was the only requirement, Italy would be the clear winner....
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