Europe’s anti-money laundering body set to be fully operational in 2028

The European Union’s new agency formed to fight dirty money said on Wednesday it was on track to be fully operational in 2028, as it set out its plan to tackle emerging illicit finance risks including crypto and “novel payment channels”.

The Anti-Money Laundering Authority (AMLA) is being established in Frankfurt, creating the first Europe-wide body to fight illegal financial flows.

From 2028, AMLA will directly supervise 40 EU financial institutions judged to present the biggest risk.