The EU Anti-Money-Laundering Authority: A strategic roadmap
Abstract
Financial crises often trigger pivotal changes in regulatory frameworks, fostering the establishment of specialised agencies to address emerging policy challenges. The recent formation of the EU Anti-Money-Laundering Authority (AMLA) marks a significant advancement in the European Union’s efforts to combat money laundering and the financing of terrorism (AML/CFT). Established as part of the European Commission’s 2021 initiative, AMLA is tasked with enhancing the identification of suspicious financial activities, fortifying oversight of high-risk cross-border financial entities and improving nonfinancial sector supervision through collaborative assessments. This paper contends that AMLA’s immediate priorities should encompass the structuring of governance and infrastructure, the enhancement of operational capacity, the adoption of a balanced regulatory framework and proactive stakeholder engagement. It emphasises the necessity for AMLA to align its efforts with recent recommendations aimed at bolstering Europe’s competitiveness while effectively addressing financial crime. By leveraging the experiences of existing European Supervisory Authorities, such as the European Securities and Markets Authority, AMLA can facilitate a cohesive regulatory environment and achieve supervisory consistency. These insights were derived from discussions presented by the author during a panel at the EUROFI forum in Budapest in September 2024, outlining key strategies for AMLA’s successful implementation amidst complex regulatory challenges. This article is included in The Business and Management Collection (https://hstalks.com/business/).
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Author's Biography
Chistopher P. Buttigieg Prof. Christopher P. Buttigieg is currently the Chief Officer responsible for supervision at the Malta Financial Services Authority (MFSA) and a member of the Board of Supervisors of the European Banking Authority (EBA) and European Securities and Markets Authority (ESMA). He was the Chair of the ESMA Data Standing Committee (DSC) (until December 2022). He is currently the Chair of the ESMA Proportionality and Coordination Committee. He is an associate professor with the Banking and Finance Department, University of Malta. Buttigieg has over 24 years of experience in financial regulation and supervision. This article has benefited from the authors’ experience in financial regulation and supervision.
