Eduardo González
Spain has formally presented in Brussels the candidacy of the city of Madrid to host the European Union Authority for the fight against Money Laundering and the Financing of Terrorism (AMLA- Anti-Money Laundering Authority).
The candidacy has the support of the Government of Spain, the Community of Madrid and the Madrid City Council, and was presented this past Tuesday by the Secretary General of the Treasury and International Financing, Carlos Body; the general director of Economy of the Community of Madrid, Juan Manuel López Zafra; and the general director of International Relations of the Madrid City Council, José Francisco Herrera.
Among the strengths of Madrid’s candidacy, as reported by the Ministry of Economic Affairs and Digital Transformation in a press release, stand out “the strength of Spain’s regulatory and institutional framework in the prevention of money laundering and financing of terrorism, of great importance.” experience and international recognition.” This framework “has received the highest ratings from the International Financial Analysis Group (FATF), a reference body on the subject,” he assured.
According to the Government, the FATF ratings place Spain as “the first country in the European Union in preventing money laundering and the financing of terrorism”, thanks, among other reasons, “to the use of innovative technologies and Financial intelligence”. Furthermore, it continues, “Spain is currently the only country in the world in which ten of the eleven indicators for evaluating the effectiveness of its system for preventing and combating money laundering and financing of terrorism have obtained a rating of Substantial or High.”
Furthermore, according to the Government, “Madrid has in its favor its status as an international financial capital, its high-level professionals, its geographical location and its magnificent infrastructures.” On the other hand, Madrid has already selected the physical headquarters that would host the AMLA in the event that its candidacy is chosen. This is the Crystal Tower, which, with its 249 meters and 50 floors, is the tallest building in Spain and the fourth in the European Union. Owned by the insurance company Mutua Madrileña, the skyscraper is located in the Cuatro Torres Business Area complex, in the north of Madrid.
Additionally, “the candidacy has strong institutional support, from civil society and from all public and private organizations involved in the fight against money laundering and financing of terrorism,” adds the Ministry.
On 20 July 2021, the European Commission presented an ambitious package of legislative proposals to strengthen the European Union’s rules against money laundering and terrorist financing. This package, which already has the support of the Council, also includes the proposal for the creation of the AMLA. Among the functions of this new authority are the harmonization and coordination of supervisory practices in the financial and non-financial sectors, the direct supervision of cross-border and high-risk financial entities and the coordination of financial information units.
